Question
Which one of the following statements with regards to correspondents is incorrect? A. A business account is opened in the accounting records of both the
Which one of the following statements with regards to correspondents is incorrect?
A. A business account is opened in the accounting records of both the instructing attorney and the instructed attorney.
B. Amounts received by the instructed attorney on behalf of the instructing attorney are treated as business receipts.
C. The instructing attorneys are treated as clients in the accounting records of the instructed attorneys.
D. A fee charged by an instructed attorney to an instructing attorney is dealt with as a business transaction.
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Accounting Information Systems
Authors: Ulric Gelinas, Richard Dull, Patrick Wheeler
10th Edition
113393594X, 9781133935940
