As we all know that Accounting data are the information regarding a particular event. Data in its basic form don’t convey much of information. The main reason behind this is the fact that data are basically a set of unorganized information. A common man will not able to understand the unorganized information that is presented before him. Understanding of information related to a particular situation becomes very easy once the data is organized. In this article, I am going to highlight the most important that is available for collection and interpretation of data in a lucid manner. The tool that I am talking is statistics.
Accounting Statistics is one of the most important fields of study that mainly focus on organization of raw data. Statistics is the study of collection, organization and analysis of raw data in order to make the information more valuable and appealing. Statistical techniques form the basis of modern society. There are many areas where we can see the application of statistical techniques. Some of the major areas of applications of statistical techniques are as follows:
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