Accounts
What is Use of statistics in accounting?
Well, in many accounting situations, there is too much data to go through all this. For example, if we are looking about Ford motor corp., and looking at some specific data, their may be too much to analyze, so we take a sample. Then we need to know how big a sample to take so we can say with 95% confidence that our results are representative of all the data.
Statistics tells us what sample size we need.
Statistics tells us what sample size we need.
Advertisement
More from this specialization
- What is the sum of the numbers from one to 50?
- Tell us about the most difficult customer you had to tackle with.
- Why are Accounting Standards necessary?
- Give me examples of the accounting reports you have prepared.
- What accounts payable applications are your familiar with?
- What is the difference between Consigner and Consignee?