Business Chapter 15

data presented in a form that is useful for a specific purpose

• Data
• Statistics
• Knowledge
• Information

numerical or verbal descriptions that usually result from some sort of measurement

• measurements
• data
• statistics
• observations

a single collection of data and information stored in one place that can be used by people throughout an organization to make decisions

• database
• Knowledge management

• expert system

• spreadsheet

a firm’s procedures for generating, using, and sharing important data and information

• Knowledge management

• Management information system

• Data collection

• Data processing

a type of software program that provides relevant data and information to help a firm’s employees make decisions

• Accounting

• Generally accepted accounting principles

• Enterprise Resource Planning System
• Decision Support System (DSS)

a type of computer program that uses artificial intelligence to imitate a human’s ability to think

• Statistic

• Data processing

• Expert system

• Audit

a system that provides managers and employees with the information they need to perform their jobs as effectively as possible

• Management Information System (MIS)
• Certified public accountant

• Decision Support System

• Financial accounting

the transformation of data into a form that is useful for a specific purpose

• Data processing
• Data storage
• Information retrieval
• Data analysis

the process of systematically collecting, analyzing, and reporting financial information

• Accounting
• Audit

• Budgeting
• Taxation

an accepted set of guidelines and practices for U.S. companies reporting financial information and for the accounting profession

• Financial Accounting Standards Board (FASB)
• International Financial Reporting Standards (IFRS)
• Generally Accepted Accounting Principles (GAAP)
• Accounting Standards Codification (ASC)