Explain the 3 Aspects of the NZ Framework Definition of Income,and

question 13

Essay

Explain the 3 aspects of the NZ Framework definition of income,and relate each aspect to examples of practical recording of business transactions.

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Definitions:

Mean

The arithmetic average of a set of numbers, found by dividing the sum of all the numbers by the count of the numbers.

Population Variance

A measure of the dispersion of a set of data points in a population, calculated as the average of the squared deviations from the mean.

Sample Variance

A measure of the dispersion or spread of a set of data points in a sample, illustrating how much the data differ from the mean.

Grouped Data

Data that has been organized into categories, classes, or intervals, often to simplify analysis and find frequency distributions.