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Author Question: Which of the following statements is correct concerning a Petty Cash Fund? a. When reimbursing the ... (Read 153 times)

Davideckstein7

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on: Jul 6, 2018
Which of the following statements is correct concerning a Petty Cash Fund?
 a. When reimbursing the Petty Cash Fund, the Petty Cash Fund account would be debited.
   b. If no change is made in the size of the fund, the Petty Cash Fund account is debited only when the fund is first established.
   c. If the Petty Cash Fund amount is decreased, the Petty Cash Fund account would be debited.
   d. The Petty Cash Fund is not listed on the financial statements.

Question 2

Which of the following statements is a valid reason for inconsistencies in opinions of damages experts?
 
  A) A large component of economic damages is past damages, the calculation of which relies on projections of inherently uncertain past events.
  B) Economic damages calculations require the application of logic, which allows for multiple interpretations.
  C) Damages are calculated for specific individuals or entities, with many unique attributes that are universally perceived or evaluated.
  D) All past economic damages must be reduced to present value, which requires the application of a discount rate.


heinisk01

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Reply #1 on: Jul 6, 2018
Answer to Question 1

b

Answer to Question 2

B
Explanation: B) Economic damages calculations require the application of logic, which allows for multiple interpretations which leads to inconsistencies in opinions of damages experts.


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