## 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.