A faster way is to select the cell (or range) and 'right click'. This is a convenient way of accessing various frequently used functions.
Notice that selecting 'Format Cells' brings up a submenu that allows you to change the font style size and color. You can also change the formatting to currency ($) or percentage (%).
You can also increase or decrease the number of decimal places ()
Note that even if you restrict the number of decimal places that are displayed the full accuracy is still used in calculations:
In the example the value in cell C2 is actually 3.14 but has been formatted to show only 1 decimal place. The calculation shown in cell C3 uses the actual value.