Explain the difference between data and information. Give two examples for each
What will be an ideal response?
Data is any fact or assumption that is combined with other data to constitute a meaningful message - Information. The patterns, associations, or relationships among all this data can provide information. For example, analysis of retail point of sale transaction data can yield information on which products are selling and when. Examples of information are a business report or a bank statement.
Data are the building blocks of information. Data are any facts, numbers, or text that can be processed by a computer. Today, organizations are accumulating vast and growing amounts of data in different formats and different databases. This includes operational or transactional data such as, sales, cost, inventory, payroll, and accounting.
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Foreign Steel Exports, a company based in Brazil, colludes with other steel-export companies from around the world to agree on the price of steel sold in the United States, which causes the price of steel in the United States to substantially increase. This type of agreement:
a. must be addressed by an international trade association. b. can be a violation of the Sherman Act. c. falls outside of U.S. regulation. d. can only be considered a violation under Brazil's laws.
Which of the following information need not be reported in the auditors' report if the information is considered to be properly stated after performing appropriate procedures?
A. FASB-required supplementary information. B. Other information in documents containing audited financial statements. C. Supplementary information in relation to the financial statements as a whole. D. GASB-required supplementary information.
If a benefit is indirect to the customer, the marketer may find a challenge in promoting a product with which of the following?
a. little personalization b. little benefit strength c. little benefit complexity d. little feature charisma
A sale of property and subsequent purchase of like-kind property may be treated as a like-kind exchange if the two transactions are interdependent.
Answer the following statement true (T) or false (F)