Describe Examples of People Risks Relevant to the Property Management

question 21

Essay

Describe examples of people risks relevant to the property management process.

Analyze the effects of not making adjusting entries on the accuracy of financial statements.

Understand the concepts of residual value, book value, and accumulated depreciation.

Recognize the importance of accrual accounting principles in recognizing expenses and revenues.

Understand the role and calculation of contra-assets in the accounting cycle.

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Definitions:

Legal Fees

The charges or payments made for professional legal services provided by lawyers or law firms.

Initial Client Interview

The first meeting between a lawyer and a potential client to discuss the client's case, expectations, and legal strategy.

Paralegals

Trained legal professionals who assist attorneys in their work, performing tasks like legal research, drafting documents, and organizing files, but who are not themselves attorneys and thus cannot represent clients in court.

Practice Law

The actual application of law by attorneys to advise clients and represent them in legal proceedings.