Explain the importance of timely data in the development of an information system, with examples
What will be an ideal response?
Good information requires that data be timely—available in time for its intended use. A monthly report that arrives six weeks late is most likely useless. The data arrives long after the decisions have been made that needed the information. An information system that sends a poor customer credit report after the goods have been shipped is unhelpful and frustrating. When one participates in the development of an information system, timeliness will be part of the requirements. One needs to give appropriate and realistic timeliness needs.
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During a liquidation, if a partner's capital account balance drops below zero, what should happen?
a. the deficit balance should be removed from the accounting records with only the remaining partners sharing in future gains and losses. b. the partner with a deficit contributes enough assets to offset the deficit balance c. the other partners should contribute enough assets to offset the amount of deficit if the partner with a deficit is insolvent. d. both b & c
Describe the state of the online retail sector today
What will be an ideal response?