What are sources of Information? Information or data may be obtained from several sources. These sources may be internal or external. INTERNAL SOURCES Accounting Records – are the biggest source of financial information. For that reason, accounting systems are often said to be accounting information systems as they collect data on source documents, process it on the ledger and prepare useful financial reports e.g. profit and loss statement, statement of cash flow, budget and forecasts. [...]

What is Good Information? QUAIITIES OF GOOD INFORMATION A piece of information should share the following characteristics to be of the good usage: ACCURATE- free from errors COMPLETE-information should be comprehensive and complete, as incomplete information leads to wrong decision. COST BENEFICIAL-cost of producing that information should not be too high. USER-TARGETED-information should be user targeted and should answer the questions of the user. Information must contain those facts that a user needs. A very [...]

What is Role of IT in Business? DATA AND INFORMATION Data is the raw facts that are collected so that we could produce useful information. To look at the examples of data , we may look at different source documents an organization prepares to capture data. These source documents include order form, invoices, receipts, GRN, and pay-in-slips etc. Information is the processed form of data that useful for managers. Information is found in different managerial [...]