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Author Question: The bank reconciliation for Lahiri Co shows a 30 debit memo for service charges. The journal entry ... (Read 112 times)

moongchi

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on: Jul 6, 2018
The bank reconciliation for Lahiri Co shows a 30 debit memo for service charges. The journal entry to record this item would involve a
 a. debit to Cash.
   b. debit to Debit Memo.
   c. debit to Miscellaneous Expense.
   d. none of the answers listed.

Question 2

Which of the following statements is true of the calculation of economic damages in a civil litigation?
 
  A) All future economic damages must be reduced to present value, which requires the application of a discount rate.
  B) Calculations of economic damages are often based on a set of foundational assumptions rather than facts.
  C) Interest on past economic damages is always calculated by a forensic accountant.
  D) Worklife expectancy is the period of time a person is expected to live past retirement.


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stanleka1

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

c

Answer to Question 2

A
Explanation: A) All future economic damages must be reduced to present value, which requires the application of a discount rate.


moongchi

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Reply #2 on: Jul 6, 2018
Correct answers!


stanleka1

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Reply #3 on: Jul 6, 2018
Great! Please up vote :D


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