ECONOMICS

COST ACCOUNTING

INFORMATION FOR DECISION MAKING

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
The preferred way of summarizing and communicating numerical information is with tables, charts, and graphs.
A
True
B
False
Explanation: 

Detailed explanation-1: -Graphing data. Graphs are used to display data because it is easier to see trends in the data when it is displayed visually compared to when it is displayed numerically in a table. Complicated data can often be displayed and interpreted more easily in a graph format than in a data table.

Detailed explanation-2: -Box plots show distribution based on a statistical summary, while column histograms are great for finding the frequency of an occurrence. Scatter plots are best for showing distribution in large data sets.

Detailed explanation-3: -Tables and graphs are visual representations. They are used to organise information to show patterns and relationships. A graph shows this information by representing it as a shape. Researchers and scientists often use tables and graphs to report findings from their research.

Detailed explanation-4: -Charts and graphs help to express complex data in a simple format. They can add value to your presentations and meetings, improving the clarity and effectiveness of your message. There are many chart and graph formats to choose from.

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