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Accounting - Term Papers

Accounting

Statistical concepts are used in various aspects on industry. The following highlights the use of statistics in these industries: /Auditing, Insurance, and Medical (Pharmaceutical).In the /auditing field, it is imperative that the auditor makes an effort to determine that financial statements are stated accurately and free of material error (appear to be stated accurately). To accomplish this task, auditors utilize test methods that include statistical sampling of transactions -- payroll, accounts payable, accounts receivable, journal entries, etc.. This statistical approach is used for validating (determining the accuracy) financial statements through limited test work. This limited test ...

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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 approval rates for clients, while providing coverage (life, medical, dental, etc.) and turning a profit.For example, an insurance company might use statistical concepts to determine the trend of a population. This statistical approach might be used to determine the likelihood of a population incurring extreme medical needs, birth rates, or surgery. The results of this approach help the insurance company project the probability of incurring medical, dental, and/or life claims and therefore, enables the company to establish premium rates that delivery profitable results.The medical/pharmaceutical industry is another major industry segment that utilizes statistical concepts on a daily basis. Statistical concepts are used ...

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Accounting. (2005, September 12). Retrieved December 23, 2024, from http://www.essayworld.com/essays/Accounting/33147

"Accounting." Essayworld.com. Essayworld.com, 12 Sep. 2005. Web. 23 Dec. 2024. <http://www.essayworld.com/essays/Accounting/33147>

"Accounting." Essayworld.com. September 12, 2005. Accessed December 23, 2024. http://www.essayworld.com/essays/Accounting/33147.

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PAPER DETAILS

Added: 9/12/2005 09:42:08 AM
Category: Miscellaneous
Type: Premium Paper
Words: 399
Pages: 2

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