When Rounding Off to Three Significant Digits, If the Fourth

question 10

Multiple Choice

When rounding off to three significant digits, if the fourth digit is ____ or greater, the third digit should be rounded off to the next higher number.

• A)4
• B)5
• C)6
• D)7

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Definitions:

Existing Partner(s)

Refers to current members of a partnership who share ownership and responsibility for the business.

Mutual Agency

A principle in partnership where each partner is both an agent and a principal, permitting each partner to bind the partnership in contract within the scope of the partnership’s business.

Unlimited Liability

A legal obligation where an individual's responsibility for debt extends beyond what they've invested in a business, potentially affecting personal assets.

Partners' Capital Statement

A financial report that shows the changes in each partner's equity in a partnership over a period of time.