A Paralegal May Explain the Terms of a Fee Agreement

question 46

True/False

A paralegal may explain the terms of a fee agreement to a client.

Comprehend the components and importance of a financial plan within business planning.

Recognize the relationship between business plans and executive decision-making, including bonuses and financing needs.

Grasp the process of developing business plans in various scales of companies and their review by corporate management.

Understand the importance of detail and comprehensiveness in business plans for conveying the company’s future.

---

Definitions:

Reversing Entries

An accounting method used to reverse journal entries, typically at the beginning of a new accounting period, to cancel adjustments made in the previous period.

Revenue Accounts

Accounts that track the income generated by a company from its normal business operations or other activities.

Closing Entries

Journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts.

Prepaid Insurance

An asset account that represents the amount of insurance premium payments made in advance for coverage extending beyond the current accounting period.