Question 3 1 point The information system should be complete

Question 3 (1 point) The information system should be completely in place prior to data creation. O True O False Save Question 4 (1 point) Better data is beneficial in which area? Risk management O Cost cutting O Both a and b Big Data is only useful for increasing revenue. Save Question 5 (1 point) Because of the principles of the FASB Conceptuat Framework, Big Data is not appropriate for accou True False Save

Solution

Answer 3. This statement is TRUE.  

The Information System should be completely in place prior to data creation because for long term storage benefit of data, its help to acces data for any where, information system is availed to hold any number of data.

Answer 4. Big data is only useful for increasing revenue.

Better data is beneficial for increasing revenue because its helps to taking better decision at the right time, it also helps to top management, middle management and lower management for taking strategic decison, implementation of such strategic decision and continue of day to day operation on the basis of implemented of such strategic decision.

Answer 5. This statement is TRUE.

Because of the principles of the FASB conceptual framework, Big data is not appropriate for account because the objective of conceptual framework has identify the goals and purposes of financial reporting and the fundamentals are the underlying concepts that help achieve those objectives.

So big data is not appropriate for achieving of above goals and objective.