Answer to Question #80000 in Finance for Hugh Heron

Question #80000
Question-Describe a process that could be used for collating, coding, and classifying accounts data in preparation for processing.

First Attempt-After you have collected all of the data, you will have to use the method which coverts raw data into meaningful statements, which include data processing, data analysis and data interpretation and presentation. Data reduction mainly comprises of various manipulations that need to be done for the preparing of the data for analysis. This process can be done either manually or electronically. It involves editing, categorizing questions with open ends, coding, computerization and preparation of tables and diagrams.

Feedback-Insufficient explanation of process of collating, coding and classifying accounts data.
Expert's answer
The collected information for input must be preliminary prepared, since the domain model embedded in the computer imposes its limitations on the composition and organization of the information entered. Coding, formalization, structuring can be attributed to the processes of information processing. Along with the above, data processing also includes information modeling, calculations by formulas (numerical calculations), generalization, systematization, classification, schematization and such.
In modern information systems, information input is carried out according to program requests displayed on the display screen, and often further input is suspended if the operator has ignored any important query. Very important at the stages of preparation of information and input are control procedures.
Information processing is the basis of the information transformation process.

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