Answer to Question #78841 in Finance for Liam Johnston

Question

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

Answer 1

After collecting data, the method of converting raw data into meaningful statement; includes data processing, data analysis, and data interpretation and presentation. Data reduction or processing mainly involves various manipulations necessary for preparing the data for analysis. The process (of manipulation) could be manual or electronic. It involves editing, categorizing the open-ended questions, coding, computerization and preparation of tables and diagrams.