# Study Sheet of Basic Statistics

## Accounting Terms

• Data Set a collection of related values.
• The Mean is the mathematical average of your data set.
• Median is a basic statistic that describes a different type of average. It represents the "middle" of a data set, with half its numbers higher than the median and half lower.
• Mode represents the value or values that occur most often in a data set. (If no value occurs more than once, the data set is said to have no mode.)
• Range describes the degree of variety in your data set. A large range indicates a more varied data set, while a small range indicates the data is very similar.

## Finding the…

### Finding the Mean of a Data Set :

Mean = (sum of values)/(number of values)

### Finding the Median of a Data Set:

Median = (sum of middle values)/2

### Finding the Mode of a Data Set:

Mode = Value that appears most often in the data set

If no value appears more than once, the data set has no mode

### Finding the Range of a Data Set:

Range = largest value – smallest value

## How to Read…

### How to Read a Bar Graph:

A graph using the visual representation of parallel bars (vertical or horizontal) to present the relationship between two groups of related data – Frequency vs. Grouped.

### How to Read a Line Graph:

A graph using the visual representation of points connected by lines to present the relationship and/or trend between two groups of related data – Frequency vs. Grouped.

### How to Read a Pie Chart:

Pie Charts summarize data, expressing it as a percentile (that is, percentage of a total).

### How to Read a Table:

A Table displays a summary of categorical and/or percentile data.