A Contingency Fee Is

question 10

Multiple Choice

A contingency fee is:

• A)An upfront payment by a client to his or her lawyer.
• B)A fee paid to a lawyer that is contingent on the quality of the service provided.
• C)Designed to encourage litigation regardless of the prospects of success.
• D)An arrangement between a lawyer and a client to pay the lawyer's fees only if the outcome of the legal action is favourable to the client.

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Definitions:

Cost-to-retail Ratio

A method used in inventory accounting that estimates the value of ending inventory by calculating the cost to retail price ratio.

Homogeneous Inventory

An inventory system where all items are similar in nature and use, making management and valuation processes more straightforward.

Markup

The difference between the cost of a good or service and its selling price, expressed as a percentage over the cost.

Physical Inventory

A method of inventory valuation that involves physically counting all the inventory items at a specific point in time to determine their total value.