ALA CLM Practice Questions - Association Of Legal Administrators (ALA) Certified Legal Manager (CLM) Exam

In a three-way reconciliation of an IOLTA account, which three balances must agree at each reconciliation date?

Bank statement balance, firm general ledger trust balance, and aggregate client subsidiary ledger balances Bank statement balance, operating account balance, and unbilled WIP balance Trust balance, accounts receivable balance, and accounts payable balance Bank statement balance, partner capital balance, and IOLTA interest remitted to the state bar

Correct Answer:

Bank statement balance, firm general ledger trust balance, and aggregate client subsidiary ledger balances

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