The ABA Standing Committee on Paralegals Revised the ABA's Model

question 25

Multiple Choice

The ABA Standing Committee on Paralegals revised the ABA's Model Guidelines for the Utilization of Legal Assistants Services by basing them on the ABA's Model Rules of Professional Conduct in

• A) 2000.
• B) 2003.
• C) 1980.
• D) 1991.

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Definitions:

Company Tax Rate

The percentage of its profits an organization is required to pay to the government as tax.

Tax Deductible

Expenses that can be subtracted from gross income to reduce the taxable income.

Warranty Liability

An obligation reported on a company's balance sheet that represents the estimated costs of fulfilling the terms of warranties offered on products sold.

Deferred Tax

The amount of income tax payable/recoverable in future reporting periods in respect of temporary differences and tax losses.