Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA MA – FIA FMA › External Sources of Data question
- This topic has 5 replies, 2 voices, and was last updated 3 years ago by John Moffat.
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- June 23, 2021 at 9:11 pm #626177
Which of the following are external sources of data.
i. Government statistics.
ii. The Financial Times.
iii. Data collected for a survey which was commissioned in order to determine whether the company should launch a new product.
iv. Historical records of expenditure on light and heat in order to prepare current forecasts.I chose the option of (i), (ii) & (iii) but was told the answer is (i) and (ii) only. Is option 3 not an External source of data?
June 24, 2021 at 7:07 am #626194It is because the company collected the data specially for itself (they commissioned the survey).
Options (i) and (ii) are using data that was collected by others – not specifically for this company.
June 24, 2021 at 3:23 pm #626215But that sounds more like the definition of Secondary Data. I thought an External source of data was just data collected from sources outside of/external to the company like customers and suppliers. Option 3 mentioned a survey that I assume was done to people outside of the company.
June 24, 2021 at 5:17 pm #626220External in this context means information that was not collected for the specific purposes of the company. Here, the company itself collected the data.
June 24, 2021 at 10:31 pm #626245Thank you!
June 25, 2021 at 7:19 am #626262You are welcome 🙂
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