Benford's Law states that:
A) common tables and fields are needed by auditors to perform common audit tasks.
B) analytics must be used to look for correlations or patterns of interest in the data.
C) the number of transistors in a dense integrated circuit doubles approximately every two years.
D) in naturally occurring collections of numbers, the leading significant digit is likely to be small.

Question

Quizplus · Accepted Answer

Benford's Law is a phenomenon where in naturally occurring collections of numbers, the leading significant digit is likely to be small. This means that the digit 1 is more likely to occur as the first significant digit in a collection of numbers than any other digit, followed by 2, then 3, 4, and so on. This law has been applied in various fields, including accounting, fraud detection, and data analysis.

Benford's Law States That