Statistics.docx

Mindanao State University Gen. Santos City GEC 104- Mathematics in the Modern World Name: PATNUBAY, CLEOFE JANE B. Section: 5B Date: 09/20/18 Score:______

The Use and Importance of Statistics in My Course

Statistics is a very important tool that is used in different fields. The information derived from it is used in order to create significant decisions for the progress of society. Just like in many other fields, Statistics is a special weapon used in the field of Accounting. I am a BS Accountancy student and being in this course helps me to appreciate the great help of Statistics in Accounting. In order to create successful economic decisions from the accounting information acquired, statistical tools should be adapted. These statistical tools were used in the four phases of Accounting- the recording, classifying, summarizing, and interpreting data. Creating economic predictions also seek for trend analysis from Statistics. The use of sampling methods is needed in this field since some of the accounting data are impossible to be collected in a short period of time. Statistical methods were used to analyze financial instruments and financial statements in order to prevent fraud. The things that I have mentioned above were just some of the proofs that Statistics plays an important role in my course. It is indeed a key that is used in the development of the field that I am into.