Statistics assignment in accounting
Statistics is one of those classes that most students dread and accounting students often question why statistics are included as part their course of study. Accountants use statistics in a variety of areas related to their work and field.
These include:
- Auditing: When accountants conduct audits, it is difficult if not impossible to collect all data in the necessary time so they will use samples that are statistically representative of a data base. It is a method commonly used to determine the accuracy of data used in the audit.
- Forensic accounting: Forensic accounting depends on statistics analysis to examine financial instruments that may have been involved in financial fraud. Accounts can estimate whether the valuation of the risk related to a financial instrument was appropriate using statistical principles.
- Company controllers: Controllers use statistics to make financial forecasts, perform cost analyses and put together budget reports in order to take their company in the right direction to be successful.
- Risk management accounting: The statistical principles of distribution and correlation are used in risk management accounting when setting a valuation. Statistics principles are also applied to limit the range of valuation errors and to specify an appropriate premium for the risk associated with a particular forecast.
You statistics assignment may deal with any of the above areas and as the basics of statistic are essential for many accounting careers you will want to do accounting homework as well as possible. With our service you can receive test preparation help, which can be really useful for you.
Tips and suggestions for completing your statistics assignment
Keep the following six tips and suggestions in mind to help make completing your statistics assignment a little easier:
- Make sure all the numbers add up to what they are supposed to and double check even the most basic calculations.
- Find the margin of error: To evaluate result results in statistics you need to find out its accuracy which is normally done through the margin of error. The margin of error tells you how much the results will vary from sample to sample.
- The larger the sample size used in statistics, the smaller the margin of error and the more accurate your results.
- There are no certainties in statistics. There are always variables so that results are always express as probabilities
- All statistical procedures involve a matrix. Matrices make assembling data convenient for computers to perform computations.
- Get help if you start to fall behind. Don’t wait until you are so far behind that you will be unable to catch up.
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