What Is the Primary Goal of Statistics

question 24

Multiple Choice

What is the primary goal of statistics?

• A)to create an environment of certainty in decision making
• B)to transform data into information
• C)to make everything measurable
• D)to raise the level of data from ordinal to interval
• E)to calculate various measures

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Definitions:

Financial Accounting Standards Board

An independent organization that establishes financial accounting and reporting standards in the United States.

U.S. Accounting Standards

The accounting principles, standards, and procedures established by the U.S. Financial Accounting Standards Board (FASB) for domestic companies.

GAAP

Generally Accepted Accounting Principles, a collection of commonly-followed accounting rules and standards for financial reporting.

IFRS

A collection of accounting standards crafted by the International Accounting Standards Board to be utilized worldwide, known as International Financial Reporting Standards.