Endorsements
This is done before a check is deposited and is done in ink across the reverse left end within the space indicated
What is endorse?
A recorded amount on the left side of the account
What is a debit?
A check issued by a bank that reduces the drawers account by the amount of the check
What is a Certified Check?
Community work without being compensated
What is Pro Bono work?
What is assets=liabilities + equity?
Simple signature of the payee, which makes the check payable to the bearer and should be cashed immediately
What is Endorsement in Blank?
A recorded amount on the right side of the account
Party who pays the specified sum specified by the bill of exchange
Who is Drawee?
A fee that is a percentage of the amount obtained in negotiation or litigation with another party
Assets are expenses are considered this
What are debit accounts?
States to whom the check is paid and requires the designated person's endorsement but is still negotiable
What is Special (Full) endorsement?
The difference between the total debits and credits posted to an account
An individual piece of legal work given to a client, allows different projects to be billed separately
What are Matters?
Time frame in which attorney bill for their time
What is every 6 minutes or tenth of an hour?
The process of analyzing, recording, classifying, summarizing, reporting and interpreting financial transactions and events
What is accounting?
Limits the further purpose of use of the check
What is Restrictive Endorsement?
Check issued by a bank upon its fund in another bank, usually located in another city
What is a bank draft?
A small amount of company cash, often kept on hand to pay for minor or indicental expenses
What is Petty Cash?
Time that is accounted for even when it is not directly billable
What is Nonbillable time?
Under the ethical rules governing legal representation, the lawyer must have a separate account in which to deposit and maintain client funds that have been entrusted to them
What is a trust account?
Endorser assumes no legal responsibility for payment should the drawer have insufficient funds to honor the check
What is Qualified Endorsement?
The person to whom the check is written
Who is drawee?
A type of compensation agreement with lawyers either for reserving their employment or as compensation for future services
Lawyers must remain competitive to hang onto its customers and bring new ones in by doing this
What is discounting time?
Assets, liabilities, equity, revenues and expenses are known as
What are the 5 basic accounting elements?