It is the timeliness of information?
Answers
Answer:
Timeliness. Timeliness refers to the time expectation for accessibility and availability of information. Timeliness can be measured as the ...time between when information is expected and when it is readily available for use. In the MDM environment, this concept is of particular interest, because synchronization of data updates to application data with the centralized resource supports the concept of the common, shared, unique representation. The success of business applications relying on master data depends on consistent and timely information
Explanation:
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Answer:
The timeliness of accounting information relates to how quickly consumers receive information so they may act on it. Four sectors of a business, in particular, require the timeliness concept.
Explanation:
Four sectors of a business, requiring the timeliness concept:
- Financial statement timeliness
The release of financial statements cannot be postponed to the point where management of the company learns too late that a significant performance or liquidity issue needs to be resolved. To close the books and distribute accurate financial statements as soon as possible, the controller should employ fast closing techniques, which is what the concept of timeliness in this field signifies.
- Timeliness of Variance Analysis
In the areas of sales, purchases, material utilisation, overhead, and direct labour, there are numerous cost accounting variations. Following the conclusion of the month, the accounting department normally gathers and reports these deviations. It is far too late for managers to take corrective action in light of this delayed reporting.
Therefore, it is often preferable to implement real-time variation reporting on the shop floor as opposed to leaving it to the accounting staff to handle at more frequent periods.
- Timeliness of Responsibilty Reporting-
A company's revenue and spending outcomes can be broken down and allocated to various accountable parties across the organisation. If this is the case, the timeliness concept may indicate that data is being distributed to customers on a daily basis rather than on the regular monthly schedule for the release of financial statements.
- Timeliness of regulatory report
A publicly traded corporation is required to submit specific reports every quarter or once a year. If not, the business will not be in compliance with the governing government body's criteria.
Hence, we can say that an information is valuable only if delivered timely.
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