You are developing a Power BI report that analyzes financial transaction data from a CSV file. In Power Query, the TransactionAmount column, which contains monetary values with decimal points, is automatically assigned the Decimal Number data type. You observe minor rounding discrepancies when performing aggregations. To ensure the highest level of precision for financial calculations, which data type should you use for the TransactionAmount column?
The correct data type is Fixed Decimal Number. This data type is specifically designed for currency values and provides precision up to four decimal places, which prevents the floating-point rounding errors that can occur with the Decimal Number type. The Decimal Number type is a floating-point number and is not suitable for financial calculations where exact precision is required. Whole Number is incorrect as it cannot store decimal values. Text is incorrect because it prevents mathematical operations.
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Why does Fixed Decimal Number provide higher precision for financial calculations compared to Decimal Number?
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What are examples of rounding errors and how do they occur in Decimal Number?
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When should you use Decimal Number instead of Fixed Decimal Number in Power BI?
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