Question

What is Benfords Law?

Answer 1

Benford's law which is also known as the first- digit law is a observation showing that the first digit is more likely to be one with a probability of 30% than 9 who's probability if only 5% to occur and it also tells that the ratio of measurement is the most important factor to monitor. The concept behind Benford’s Law relates to the scale that it represents. Using this scale, accoumtants can view possible frauds within a company they would need to take the data selected, subtract, multiply and divide it to form the bernard's law scale, if the end result does not match, there is a possible inconsistency that needs to be investigated.