ICAB

Chapter 01: Information within

Organization

ICEAW

Q1. What is information?

Information is data that has been processed into a form that is meaningful to the recipient.
Q2. What are the difference between data and information?
SL.
Data
Information
No
1
Raw, unanalyzed fact figure and events. Useful knowledge derived from the data
2
Data is unprocessed instruction
If data is processed will become your
information.
3
Example: If you had a sum: 123+123(Data)=246(Information)
Q3. How information systems impact organization and business firm?
Information systems have become integral, online interactive tools deeply involved in the
minute to minute operations and decision making of large organization.
Q4. What is an organization?
A social arrangement for the controlled performance of collective goals, which has a
boundary it from its environment.
Q5. Write the quality of high value information?
Information only high value information if it is Relevant
Reliable
Clear
Complete
Timely
Right quality
Q6. Why organization is key resource in organization?
Or. Discuss the importance of information.
Information is key resource in an organization because information is fundamental to the
success of any business.
Q7. What is important attributes of useful and effective information?
The important attribute of useful and effective information are as follows:
Availability
Purpose
Mode and format
Decay
Frequency
Completeness
Reliability
Cost beneficial
Validity
Transparency
Value of information.
Q8. Why does organization exist?
Organization exist because they Overcome peoples individual limitations
Accumulate and share knowledge

Enable people to specialize

Enable people to poll their expertise.

Q9. How does organization differ?

Organization differ in many ways, such as Ownership

Control

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A. Qasem & Co.

ICAB

Chapter 01: Information within

Organization

Activity
Source of finance

ICEAW

Size

Q10. What is a DSS (Decision Support Systems)?

A decision support system can be defined as a system that provides tools to managers to
assist them in solving semi structured and un-structure problem.
Q11. What is characteristics/ properties of DSS?
The DSS are characteristics by at least three properties The support semi-structured and unstructured decision making.
They are flexible enough
They are easy to use.
Q12. What is component of a DSS?
A decision support system has four basic components, namely The user
One of more database
A planning language
The mode base
Q13. Give some example of DSS in Accounting.
Following are the examples of DSS in accounting:
Cost accounting systems
Capital budgeting system
Budget variance analysis system
General decision support system.
Q14. What type of information systems are used at different levels of management in an
organization?
Used of information system at different levels of management in an organization is sited
below:
Management level
Used information system
Top level management
EIS, MIS, DSS
Middle level management
MIS, DSS
Lower level of management
TPS
Q15. What activities are involved in TPS?
A TPS involves the following activities:
Computing data to organization in files or database
Processing of file/ database using application software
Generating information in the form of reporting
Processing of queries from various quarters of the organization.
Q16. Discuss the type of information.
Information, broadly can be divided into two different types Internal information
External information.
Q17. What is the different between the passive IS and interactive IS?
Passive information systems: Passive information systems are systems that will answer
queries based on the data that is held within them, but the data is not altered.
Interactive information systems: An interactive system is one that data can be entered for
processing which may alter the contents of the database.
2
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A. Qasem & Co.

ICAB

Chapter 01: Information within

Organization

ICEAW

Q18. What is management system?

A management information system is software that allows the managements within a
company to access and analyze data.
Q19. What is knowledge based systems (KBS)?
A knowledge based system is a system where all the expert human knowledge covering a
particular topic is brought together and made available to the user through a computer.
Q20. Discuss the type of knowledge based systems.
There are three different types of knowledge based system, namely Diagnostic
Advice giving
Decision making
Q21. What is financial reporting system?
Financial reporting involves all the procedures necessary to ensure that the financial
performance of a department is clearly and effectively reported on to the relevant authorities.
Q22. Write the functions of financial reporting.
The functions performed by financial reporting specialists cover the following areas:
Undertaking the monthly closure of accounts.
Compiling quarterly reports.
Undertaking the annual closure of accounts
Compiling overall annual reports.
Q23. What is objective of any financial accounting system?
A primary objective of any financial accounting systems is to provide accurate financial
statements on a timely basis.
Q24. What is Pivot Table?
Pivot Table is one of the most powerful analytical tools that are used in spreadsheets.
Q25. Discuss the terms Evert Triggered.
Many accounting software products have the ability to alter users to predefined financial
condition. With such a feature, a CFO can create simple calculation that the accounting
software continuously compares against a present values.
Q26. Write something about the International Financial Reporting Standards (IFRSs).
IFRSs are standards, interpretations and the framework adopted by the International
Accounting Standards Board (IASB).
Q27. Discuss the structure of IFRS.
International Financial Reporting Standards comprise:
IFRSs- issued after 1st April 2001.
IASs- issued before 1st April 2001.
Interpretation originated from the IFRIC (International Financial Reporting
Interpretation Committee)- issued after 1st April 2001.
Standing Interpretation Committee (SIC)- issued before 1st April 2001.
Framework for the preparation and presentation of financial statements.
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A. Qasem & Co.

ICAB

Chapter 01: Information within

Organization

ICEAW

Q28. What is framework?

The framework for the preparation and presentation of financial statements state basic
principles for IFRSs.
Q29. Write the qualitative characteristics of financial statement?
Qualitative characteristics of financial statements include:
Relevance
Reliability
Understandability
Comparability.
Q30. Write the element of financial statement.
The elements of financial statement include:
Assets
Equity
Q31. Write the elements of income statement.
The element of financial statements includes:
Income

Liability

Expenses

Q32. What is the component of IFRSs financial statement?

IFRS financial statements consist of:
A statement of financial position
A statement of comprehensive income
A statement of change in equity
A statement of cash flows
Note, including a summary of the significant accounting policies.
Q33. Define the term Business owner, System owner, Technical owner, System
administrator and Application administrator.
Business owner: The business owner is the business executive or leader who is accountable
for the primary business functions performance by the Critical Financial Reporting System
(SFRS).
System owner: The system owner is the functional unit leader who is responsible for the
Critical Financial Reporting System (SFRS).
Technical owner: Technical owner is the individual who is responsible for ensuring that the
technical information technology components of the CFRS are properly implemented and
manage effectively.
System administrator: System administrator is the individual who is responsible for proper
operational configuration management and functioning of one or more information
technology components of the CFRS ensuring that the technical information technology
components of the CFRS are properly implemented and manage effectively.
Application administrator: Application administrator is the individual who is responsible
for proper operational configuration management and functioning of one or more CFRS
applications.

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A. Qasem & Co.