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**Introduction to Statistics **

Statistics can be defined as a group of methods: collecting, analyzing, presenting and interpreting data - to make conclusionsIt deals with the design of how data is collection, the analysis of the data, and themaking of conclusions from the data.

Population consists of all elements of the target group (individuals, items, or objects)whose characteristics are being studied. For instance the price of all houses in Nilai, The2006 gross sales of all companies in Kuala Lumpur.

Sample consists of a portion (subgroup) of the population selected for the study.For instance The estimate price of 100 houses in Nilai, the 2006 estimate gross sales of 10companies in Kuala Lumpur.

The data were collected from a few elements out of the whole population. The elements of the sample survey are called a sample size. Take the above instance. What is the sample size of 100 houses in Nilai?

**Why statistical data is very useful??? **The information collected in the original

form is known as ** raw data **- useful to make decision if it is precisely analyzed using the statistical method and presented in a chart or a graph. Example: gross/net profit of the

company.

Type of statistics

Two types of statistics

*1. Descriptive Statistics*

A collection of methods for organizing, displaying and presenting data by using tables, graphs and summary measures.

Descriptions statistics includes the construction of tables, chart, graphs and the calculation of mean, median, mode, variance and standard deviation.

*2. Inferential Statistics*

A collection of methods that use sample results to come out with decisions or predictions about a population.

Inferential statistics is closely related to sampling and population. The terminology is widely used in political polling, health statistics, transportations survey and many others. Data gathered from sample survey will be analyzed and used estimating the population.

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## Statement Layouts

now after we have looked at the categorization of assets and liabilities, we shall refer the layout of the statement of financial position.