ACCA MA Syllabus A. Management Information - Data vs information - Notes ^{5 / 7}

Data is the raw material for data processing.

Data relate to numbers, raw facts, events and transactions which have been recorded but not yet processed into a form suitable for use.

Data on its own is meaningless.

Information is data that has been processed in such a way as to be meaningful to the person who receives it.

Quantitative Or Qualitative

Data can be either quantitative or qualitative, as can information.

• If data can be measured, it is quantitative

  eg value of sales per day

• If it cannot be measured, then it is qualitative

It is the management accountant who is expected to provide the information to management to assist them with their decisions.

Types of information

Most organizations require the following types of information

1. Financial 

   e.g. costs of heat and light, capital costs, etc.

2. Non-financial

   e.g. attendance records, details of the number of meals served each day, etc.

3. A combination of financial and non-financial information