Explain the concept of Information?
The main aim of communication is giving and receiving information through different kind of mediums like that of verbal, written or through body language, signs and expressions. Basically information is different from that of data. Data is simply the sign, symbols or characters without meaning where information means a processed data which have some meaning and value in its own. Bare accounts of assets, capitals, liabilities etc give no information and are just merely a data. However when this same things are arranged in a balance sheet form to give a financial position of a business it is called information. Information is a commodity that is versatile. It increase analytical skills and decisive power and guide the information towards efficiency of economy. In business one need different information to interpret the position of the business. Information is like lubricating oil that keeps the functioning of the business smooth. It is very important to make the information in the business up to date and the data processes is arrange in such a way to make it useful for the business. In order to get the precise information one needs to create the system in the company which let effective data flow and smooth functioning.