Ain2601 - Questions - Study Guide 2 (42 Terms).

List the MIS output types. {Ans: scheduled reports; demand reports; exception reports; drill-down reports}Give examples of uses for financial MIS. {Ans: payment summaries; budget and capital budget setting and control; comparison and analysis of historical and current financial information; summaries of cash-flow information; reporting on exceptions and deviations}XBRL was designed to meeting the requirements of which standards? {Ans: US GAAP IFRS}What are the advantages of XBRL? {Ans: Increase in accuracy of reporting; Meeting IFRS requirements; Cost and time efficient; Crossing the language barrier; Data analysis}What are the disadvantages of XBRL? {Ans: inexperienced users security cost unauthorised access / alterations compatibility}Is there an access risk involved with XBRL? {Ans: Information is transferred to and from different financial information systems electronically on a regular basis, resulting in the risk that data may be lost, altered or stolen.}Define demand report. {Ans: produced at the specific request of a user; eg. a report of a specific employee's sick leave being generated when management suspect that the employee is absent from work too often.}Explain secure information. {Ans: Information should be protected from unauthorised access.}What are the characteristics of valuable information? {Ans: accurate complete simple economical flexible