Master the Data: Data Types Used in Accounting

These flashcards cover key vocabulary terms and concepts related to data types in accounting as introduced in the lecture notes.

AMPS Model

A framework used in accounting that includes steps such as 'Master the Data' to effectively analyze and utilize data.

Data Types

Categories of data including categorical data (qualitative) and numerical data (quantitative), which are essential for accounting decision-making.

Structured Data

Highly organized data that fits nicely in a table or database, such as a balance sheet or income statement.

Unstructured Data

Data that lacks internal organization, such as text from blogs or social media posts.

Categorical Data

Data that represents items classified by words, such as gender or transaction types.

Numerical Data

Data represented by meaningful numbers, such as transaction amounts or age.

Data Dictionary

A centralized repository providing information about a set of data, detailing each field's purpose and characteristics.

PivotTable

A tool in Excel used to summarize and aggregate data quickly, allowing for the analysis of large datasets.

Nominal Data

Categorical data that cannot be ranked, such as transaction types (purchase or return).

Ordinal Data

Categorical data with a natural order, allowing it to be ranked, such as letter grades.

Interval Data

Numerical data with meaningful intervals but no meaningful zero, such as temperature.

Ratio Data

Numerical data with a meaningful zero, allowing for the calculation of ratios, such as sales amounts.

Proportion

The number of observations in one category divided by the total number of observations.

Ranking

A method of organizing data based on a defined order or scale.

Data Visualization

The graphical representation of data, which is tailored to the data type to enhance understanding and insights.