Benfordʼs Law as a Bridge between Statistics and Accounting
Benfordʼs Law as a Bridge between Statistics and Accounting
This chapter explores the connections between statistics and accounting through Benford's law and considers the questions of when and how to effectively deliver this material in such a way that Benford's law can be a tool that helps accountants make stronger and more efficient decisions using sound statistical practice. It looks at the current state of statistics education for accounting students and presents some of the ways in which accounting practice, particularly in auditing, can benefit from a statistical point of view. The chapter then demonstrates how Benford's law can be used to reinforce the key concepts that appear at the intersection of ideas from statistics and accounting. Finally, the chapter concludes with some suggestions for how to effectively incorporate Benford's law into the curriculum.
Keywords: statistics, accounting, statistics education, accounting students, auditing, accounting programs
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