Coursework Task 1: Attributes of Useful Information for Business

This report, focusing on Fabrick Clothing Limited, a private limited company, explores the attributes of useful information within a business context. The introduction defines accounting information systems and highlights the importance of good information for organizational value creation. Task 1 delves into the characteristics of useful information, including accuracy, reliability, relevance, completeness, conciseness, availability, and timeliness, providing detailed explanations and examples relevant to Fabrick Clothing. The report emphasizes the significance of these attributes in facilitating effective decision-making and achieving long-term success. The report also highlights how the accounting information system helps local talented designers of Fabricks clothing. The conclusion summarizes the importance of information relevancy, accuracy, and completeness for quick and effective business actions and implementation to increase market share and profitability. The report references several academic sources to support its findings.

Course Work Task 1

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
Identifying and explaining attributes of useful information in a business.............................1
CONCLUSION................................................................................................................................3
REFERENCES................................................................................................................................4

INTRODUCTION
Accounting information system is a term that is defined as collection, storage and also
process in terms of financial and accounting data that is basically used by the users in order to
report information to that of investors, creditors and authorities of tax.
Good or useful information is refereed to as that data or information which is used and
later helps in creating value to an organisation (Birt, Muthusamy and Bir, 2017). Thus, in this
report, Fabrick Clothing limited has been taken into consideration. It is a private limited
company and works with local talented designers. Further, all items are therefore sourced and
produced in United Kingdom.
In this report, attributes of useful information to Fabrick clothing has been discussed in
detail. In addition to this, examples in context of cited organisation has been highlighted.
TASK 1
Identifying and explaining attributes of useful information in a business.
Data is defined as the piece of information that is been formatted in specific way. In other
words, it is the fact or statistics that is been collected together for analysing something (Laudon
and Laudon, 2016). While, information is a term that is defined as that data which is processes,
organised, structured or further presented in a given context so that they can make it a successful
one for business.
Characteristics
In addition to this, the characteristics of useful information has been discussed below-
 Accuracy- useful information are those which are enough accurate in order to use for
which it is going to be used in particular business. Accuracy plays very essential role in
making information as the most useful.
 Reliable- reliability basically deals with the truth of particular information with which it
is present. If the information that is obtained is reliable than it can be used confidentially.
Further it has been analysed that through good accounting system, the quoted firm also
get exact results and can easily work for its future growth as well.
 Relevant- the information that is provided must be relevant to the purpose for which
Fabrick clothing actually requires. It will be really frustrating, for example, when the data
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is collected by the manager which is irrelevant then it will be more difficult and
frustrating for them to work again to get exact data which is useful for the business.
 Complete- the information that is derived must be complete that will later allow Fabrick
clothing to make decision easily without any kind of confusion. Therefore, this type of
information must be collected from various different sources (Stoloff, Good, Smith and
Brewster, 2016).
 Concise- the level of conciseness must be short enough so that it can be allowed to use
easily.
 Availability- the information that has been gathered must be easily available and interpret
because it helps to reduce the delay In work as well.
 Timeliness- this is also one of the important aspect of information that can make it useful
which is timeliness. In today's era where there is high level of technological advances, out
of date information can keep fabrick Clothing company away from achieving long term
success. Therefore, new and updated data is essential for them to achieve goals and
survive in competitive market. The main element of this is real time information.
Further, the objectives involved in order to manage a particular data is to store, sort and get data
to right people at perfect time (Libby, 2017). While there are some kinds of substance that can be
stored for later user and other are those that can be combined in order to use them as the new
one. Therefore, it becomes responsibility of a manager of cited firm to determine it and make the
best possible decision with that information which is therefore provided to them.
Example
The main and most important example of useful information is the one that is received by
local talented designers of Fabricks clothing. Local talented designer focus on competitive
market and the present and upcoming trends in that market area. Thus, all this information that is
gathered with help of Accounting information system is quite useful as it will lead cited
organisation in producing goods and services as per the requirement of customers. This will
increase the satisfaction level of customers and company may reach the boost by gaining high
level of profitability.
As per the given case study, the quoted firm uses cash and credit cards for sales but it has
been analysed that due to lack of training and number of errors, the credit card sales is consider
as a time consuming strategy which needs to be solved. As a result, this may creates negative
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impact upon the business and by introducing advance accounting system, this problem can be
easily solved and it can reach or attain the defined goals of a business as well.
CONCLUSION
From the above report, it has been concluded that useful information is very much
essential for cited organisation in order to achieve long term success. Thus, it has also been
analysed with this that information is useful only if it has relevancy, accuracy and is complete so
that fast and on the spot action has been taken and implementation is done accordingly to
increase market share and long term profitability.
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REFERENCES
Books and Journal
Birt, J.L., Muthusamy, K. and Bir, P., 2017. XBRL and the qualitative characteristics of useful
financial information. Accounting Research Journal. 30(01). pp.107-126.
Laudon, K.C. and Laudon, J.P., 2016. Management information system. Pearson Education India.
Libby, R., 2017. Accounting and human information processing. In The Routledge Companion to
Behavioural Accounting Research (pp. 42-54). Routledge.
Stoloff, M.L., Good, M.R., Smith, K.L. and Brewster, J., 2016. Alumni Surveys That Provide
Useful Information. The Department Chair. 27(1). pp.14-16.
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