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Accounting 2
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Statistical concepts are used in various aspects on industry. The following highlights the use of statistics in these industries: Accounting/Auditing, Insurance, and Medical (Pharmaceutical).In the accounting/auditing field, it is imperative th .... Middle of Term Paper ... of the entire population.The use of statistics provides the auditor with a tool that provides comfort in the amount of test work required to achieve ”adequate" scope coverage to meet a representative sample of the financial scope. This use of statistics provides an auditor with a lower cost approach to substantiate accuracy -- this is important to both the auditing firm and the industry being audited.Another industry that utilizes statistics on a daily basis is the insurance industry. In fact, this industry relies on statistics to help forecast its bottom line results. The typical insurance company uses statistics to determine approva ... |
| Number of Words: 402 |
Approximate Pages: 2 |
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