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Sources of Data
Karten in diesem Stapel (31)
- 1describe sources of information from within and outside the organisation (including government statistics, financial press, professional or trade associations, quotations and price list)1
- 2explain the uses and limitations of published information/data (including information from the internet)1
- 3describe the impact of general economic environment on costs/revenue1
- 4explain sampling techniques (random, systematic, stratified, multistage, cluster and quota)1
- 5choose an appropriate sampling method in a specific situation.1
- 6Decide which of the following are primary data and which are secondary data. (a) Information from clock cards when used for making up wages. (b) Data from a government publication on the toy industry used by a new toy shop to determine which items to stock. (c) Expense claim forms submitted by sales representatives used to estimate the car mileage they have travelled. (d) Results of an election opinion poll published in a newspaper.Solution
(a) This is primary data, since the data is collected to make up the wages.
(b) This is secondary data; government statisticians collate data from various sources and the data is used in a variety of ways.
(c) This is secondary data since the expense claim data is collected for a different reason initially.
(d) This is primary data since the data was collected specifically for the purpose. If you said secondary data you were probably thinking that the results were being used to predict the result of the election; this is different from the reason why it was collected. - 7What is the difference between Primary Data and Secondary Data?Primary data is obtained directly from first-hand sources by means of surveys, observation or experimentation. It is data that has not been previously published and is derived from a new or original research study and collected at the source such as in marketing. Primary data is any data which is used solely for the purpose for which it was originally collected.
Secondary data is data that has been collected or researched recently. Sources of secondary data include the internet, libraries, company reports, newspaper, governments and banks. The data collected is useful as it allows the researcher to see the other opinions on their area of study but care must be taken that the data is reliable and accurate. Secondary data is data that has already been collected for some other purpose but can also be used for the purpose in hand. - 8What is the limitations of using secondary data?• The data has been collected by someone else. There is no control over how it was collected. If a survey was used, was a suitable questionnaire used? Was a large enough sample taken (was enough data collected)? Was it a reputable organisation that carried out the data collection?
• Is the data up to date? Data quickly becomes out of date, for example, people’s consumer tastes change and prices may fluctuate wildly.
• The data may be incomplete. Certain groups of people are sometimes omitted from the published data. For example, do you know which groups are included in the unemployment figures?
• What is the data? Is it actual, seasonally adjusted, estimated or a projection?
• The reason for collecting the data may be unknown. Statistics published on motor cars may include or exclude three wheeled cars, vans and motor caravans. Readers need to know which categories are included in the data. - 9What are the benefits and limitations of using internal sources?Benefits:
• Readily available data
• Data can easily be sorted and analysed
• Reports can easily be produced when required
• Data relates to the organisation concerned
Limit:
Data may need to be further analysed to be of use to management accountants - 10Explain the main sources of external information:government sources
• business contacts – customers and suppliers
• trade associations and trade journals
• the financial and business press and other media
• the internet. - 11What is macroeconomics?Macroeconomics is a branch of economics dealing with the performance, structure, behaviour, and decision-making of an economy as a whole, rather than individual markets. In contrast, microeconomics is primarily focused on the actions of individual agents, such as firms and consumers, and how their behaviour determines prices and quantities in specific markets.
- 12What are the benefits and limitations of external sources?Benefits:
• Wide expanse of external sources of information
• Easily accessible especially using the internet
• More general information available
• Can source specific information needs
Limit:
Data may not be accurate
• Finding relevant information can be time consuming - 13Define 'Population' and 'Sample'The term population is used to mean all the items under consideration in a particular enquiry.
A sample is a group of items drawn from that population. The population may consist of items such as metal bars, invoices, packets of tea, etc; it need not be people. - 14What are the three main reasons why sampling is necessary?(1) The whole population may not be known.
(2) Even if the population is known the process of testing every item can be extremely costly in time and money, for example, gaining information about the popularity of TV programs by interviewing every viewer.
(3) The items being tested may be completely destroyed in the process, for example in order to check the lifetime of an electric light bulb it is necessary to leave the bulb burning until it breaks and is of no further use. - 15The essence of systematic sampling is that: A each element of the population has an equal chance of being chosen B members of various strata are selected by the interviewers up to predetermined limits C every nth member of the population is selected D every element of one definable subsection of the population is selectedAnswer C
In systematic sampling, population members are listed and members selected at regular intervals along the list. - 16A sample is taken by dividing the population into different age bands and then sampling randomly from the bands, in proportion to their size. What is such a sample called? A Simple random B Stratified random C Quota D ClusterAnswer B
In simple random sampling, there is no division of the population into groups. In cluster sampling, only one group is selected and all its members are surveyed. Quota sampling and stratified random sampling are both as described in the question but quota sampling is not random. - 17In a survey on the opinions of employees in a large company headquarters, one of the following is a cluster sample. Which is it? A Staff are randomly selected from each department in proportion to departmental size B Staff are selected from the list of employees, taking every nth name C A sample, which is as representative as possible of the composition of the staff in terms of gender, age and department, is taken by stopping appropriate staff in the corridors and canteen D One department is selected and all the staff in that department are surveyedAnswer D
A is a stratified random sample, B is systematic and C is a quota sample. - 18Associate with each of the following sampling methods (A)–(F) the most appropriate example from the list, (P)–(U), given below. A Simple random sample B Stratified random sample C Cluster sample D Systematic sample E Quota sample F Multistage sample Examples P One city is chosen at random from all cities in the United Kingdom, then the electoral register is used to select a 1-per-1,000 sample. Q Names picked from a hat. R Every 10th person is chosen randomly from each ward in a hospital. S One secondary school in a town is selected at random, then every pupil in that school is surveyed. T One person in ten is chosen from an alphabetical list of employees. U People are stopped in the street according to instructions such as ‘stop equal numbers of men and women’.The associations are as follows:
A Most appropriate example is (Q)
B Most appropriate example is (R)
C Most appropriate example is (S)
D Most appropriate example is (T)
E Most appropriate example is (U)
F Most appropriate example is (P) - 19Explain in Internal sources what the following is: Accounting System Payroll Planning1
- 20If you choose the 10th or the 100th unit after the first has been chosen. This type of sampling is known as: A Simple random B Stratified C Cluster D SystematicD
- 21Which of the following is an example of external information? A Payroll system B Government statistics C Accounting system D Strategic planning systemB
- 22If you select a sample for a national opinion poll prior to a general election. The process would start by dividing the country into areas and a random sample of areas is taken. Next divide the country into town and cities and a sample is taken again. Then perhaps a sample of streets and a random sample of houses are then chosen. This is an example of which type of sampling: A Simple B Random C Multi-stage D ClusterC
- 23Here are possible reasons why sampling is used over other methods of gathering data? (i) The whole population may not be know (ii) Testing all items in a population may not be possible (iii) Items may be destroyed in the testing process Which of the statements are correct? A (i), (ii) and (iii) B (ii) and (iii) C (i) and (ii) D (iii) onlyA
- 24When sampling a population if there are several well defined groups which method would be used? A Random sampling B Systematic sampling C Stratified sampling D Multi-stage samplingC
- 25What is Stratified Sampling?In this method, the population is first divided into sub-groups (or strata) who all share a similar characteristic. It is used when we might reasonably expect the measurement of interest to vary between the different sub-groups. Gender or smoking habits would be examples of strata. The study sample is then obtained by taking samples from each stratum.
In a stratified sample, the probability of an individual being included varies according to known characteristics, such as gender, and the aim is to ensure that all sub-groups of the population that might be of relevance to the study are adequately represented.1
The fact that the sample was stratified should be taken into account at the analysis stage. - 26What is Cluster Sampling?In a clustered sample, sub-groups of the population are used as the sampling unit, rather than individuals. The population is divided into sub-groups, known as clusters, and a selection of these are randomly selected to be included in the study. All members of the cluster are then included in the study. Clustering should be taken into account in the analysis.
The General Household survey, which is undertaken annually in England, is a good example of a cluster sample. All members of the selected households/ clusters are included in the survey.1 - 27What is Simple Random Sampling?Individuals are selected at regular intervals from a list of the whole population. The intervals are chosen to ensure an adequate sample size. For example, every 10th member of the population is included. This is often convenient and easy to use, although it may also lead to bias for reasons outlined below.
- 28What is systematic Sampling?2. Systematic sampling
Individuals are selected at regular intervals from a list of the whole population. The intervals are chosen to ensure an adequate sample size. For example, every 10th member of the population is included. This is often convenient and easy to use, although it may also lead to bias for reasons outlined below. - 29What is Stratified Sampling?In this method, the population is first divided into sub-groups (or strata) who all share a similar characteristic. It is used when we might reasonably expect the measurement of interest to vary between the different sub-groups. Gender or smoking habits would be examples of strata. The study sample is then obtained by taking samples from each stratum.
In a stratified sample, the probability of an individual being included varies according to known characteristics, such as gender, and the aim is to ensure that all sub-groups of the population that might be of relevance to the study are adequately represented.1
The fact that the sample was stratified should be taken into account at the analysis stage. - 30What is Quota Sampling?This method of sampling is often used by market researchers. Interviewers are given a quota of subjects of a specified type to attempt to recruit. For example, an interviewer might be told to go out and select 20 adult men and 20 adult women, 10 teenage girls and 10 teenage boys so that they could interview them about their television viewing. There are several flaws with this method, but most importantly it is not truly random.2
- 31What is the difference between continuous and discrete data?Discrete data is non-continuous data. Discrete data can only take certain
values for example the number of students taking a course (there wouldn't
be half a student). Discrete data is counted.
Continuous data is unbroken data that has no gaps. Continuous data can
take on any value (within a range) for example time or distance. Continuous
data is measured.
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- Beschreibung
- Degree F2 Managment Accounting (A.The nature, source and purpose of management information) Karteikarten am Sources of Data, erstellt von Jay Ali am 08/06/2016.
- Erstellt von
- Jay Ali
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