STATISTICAL Definition

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STATISTICAL is making inferences in uncertain situations using applied mathematics. Measurements from a small group (the sample) are used to infer the behavior of a larger group, the population. Probability theory determines how well the sample represents the population.

Learn new Accounting Terms

NET ACCOUNTS RECEIVABLE is equal to total accounts receivable; minus an estimate for amounts the company believes it will never collect.

COMPOUND INTEREST is interest calculated from the total of original principal plus accrued interest.

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