Significant Figures Allow Us to Estimate Uncertainty in Calculated Values

question 20

Essay

Significant figures allow us to estimate uncertainty in calculated values. In some circumstances, following significant figure rules can lead to estimates of uncertainty that are too high or low. This is the case for the mathematical expression below.
99 × 1.02 = 100.98
Following the rules governing significant figures in multiplication, the answer can be rounded to 1.0 × 10². What is wrong with rounding this answer to two significant figures?

Understand the principles of providing relevant, neutral, verifiable, and faithfully represented financial information.

Grasp the importance and implications of financial statement analysis for assessing company performance and risk.

Realize the importance of timely and unbiased financial reporting in decision-making processes.

Comprehend the application of analytic review procedures in evaluating financial information.

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