Fishers Ideal Index Number: Calculation, Features and Limitation

Dr. Toran Lal Verma

Fishers Ideal Index Number is one the important price index number. Prof Irving Fisher developed this index number after an extensive study of 134 different formulae. It is a type of weighted index number. Calculation Process: Calculation process of fishers formula is as follows For calculation, 9 columns are drawn. First columns for commodities, second for price in base year Read More …

STANDARD DEVIATION: DEFINITION, PROPERTIES, MERITS AND DEMERITS

Dr. Toran Lal Verma

What is the use of standard deviation? Standard Deviation is the most scientific and most popular measure of dispersion. Who used standard deviation for the first time? It was first used by Francis Galton and his student Karl Pearson in 1893. Definition of Standard Deviation “Standard deviation is the square root of the arithmetic mean of the squares of deviations Read More …

MAJOR DEFINITION OF STATISTICS

Dr. Toran Lal Verma

Gottfried Achenwall is considered as the father of statistics. The term statistics is named differently in a different language each of which means Political State. The term statistics implied both data and statistical methods. German      =Statistik French       =Statistique Italian        =Statista Latin          =Status Statistics can be defined in two forms  Singular Form: Science of statistic, Plural form: Statistical data Major Definitions According Read More …

Objectives of Auditing

Dr. Toran Lal Verma

In simple terms, we say that auditing expresses an opinion on the financial statement. The auditor verifies the financial statements and books of accounting to check the truth and fairness of the financial position and operating results of the business. The objectives of auditing can thus be studied under two heads namely Primary and Secondary Objectives. Primary Objectives The primary Read More …