ACCA F2 revision notes Section A Part 1
Distinguish between data and information
Data is numbers and words which cannot be used to make a decision or understand something
E.g. 5, 6, 8, John, Akshay, Ali, age
Information is processed data used to make a decision
Ages
John is 5 years old, Akshay is 6 years old and Ali is 8 years old
Attributes of good information
This acronym is used in most of the books in the world (ACCURATE)
Accurate
Complete
Cost effective
Reliable
Accessible
Timely
Easy to use
Managerial processes
Planning
Decision making
Control
Different planning
Strategic planning
- Long term planning
Tactical planning
- Medium term planning
Operational planning
- Short term term planning
Different centers
Cost center
Cost center is a center for which only costs are recorded
Profit
Profit center is a center for which both costs and revenues are recorded
Different centers
Revenue center
Revenue center is a center for which only revenues are recorded
Investment center is a center for which profits and proprietor’s capital are recorded
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