FAC1503 - Financial Accounting Principles For Law Practitioners
Exam (elaborations)
FAC1503 questions-and- answers.
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Course
FAC1503 - Financial Accounting Principles For Law Practitioners
Institution
University Of South Africa
FAC1503 questions-and-
answers.
9/10/21, 11:13 PM
1.0/ 1.0 Points
0.0/ 1.0 Points
1.0/ 1.0 Points
1.0/ 1.0 Points
3 Assignment 3
RETURN TO ASSESSMENT LIST
Part 1 of 9 - 5.0/ 7.0 Points
Question 1 of 32
When the funds are transferred to the business bank account, the trust creditor accou...
Question 1 of 32
When the funds are transferred to the business bank account, the trust creditor account of 1.0/ 1.0 Points
the client is debited (via the trust transfer journal) and the trust bank account is credited via the trust cash
payments journal.
True
False
Answer Key: True
Feedback: Refer to learning unit 6.1
Question 2 of 32
The attorney and his client cannot enter into an agreement that interim fees be deposited 0.0/ 1.0 Points
into the trust account to be transferred to the business account as soon as the fees are levied.
True
False
Answer Key: False
Feedback: Refer to learning unit 6.1
Question 3 of 32
The amount of the transfer must not create a credit balance in the trust creditor account. 1.0/ 1.0 Points
True
False
Answer Key: False
Feedback: Refer to learning unit 6.1
Question 4 of 32
It is recommended that transfers from the trust bank account to the business bank account 1.0/ 1.0 Points
is made as soon as possible, as the accumulation of the attorney’s own money in the trust bank account
may be seen as a failure to separate business and trust money properly and is a transgression of section
54.8 of Legal Practice Act 28 of 2014.
True
False
Answer Key: True
Feedback: Refer to learning unit 6.6
Question 5 of 32
The legal practitioner can only levy fees once his obligation to the client is met in full. 1.0/ 1.0 Points
True
False
Answer Key: True
Feedback: Refer to learning unit 6.1
Question 6 of 32
The law firm must ensure that adequate internal controls are implemented in order to 1.0/ 1.0 Points
ensure compliance with the rules as well as to ensure that trust funds are safeguarded.
True
False
Answer Key: True
Feedback: Refer to learning unit 6.7
Question 7 of 32
The total of the trust creditors’ account must be equal to or greater than the total debit 0.0/ 1.0 Points
balance of the individual trust creditors.
True
False
Answer Key: False
Feedback: Refer to learning unit 6.2
Part 2 of 9 - Part 2 0.0/ 1.0 Points
Question 8 of 32
Which one of the following disbursements or fees of an attorney's practice is not allowed in 0.0/ 1.0 Points
respect of the transfers?
A. The disbursements were incurred, and the client has been charged.
B. There is a contractual obligation on the part of the practice to pay the disbursement.
C. The disbursement that was incurred for counsel fees, have been credited to the client’s account
in the accounting records.
D. Fees have been debited to the client’s accounts in the accounting records.
Answer Key: C
Feedback: Refer to learning unit 6.4.
Part 3 of 9 - Part 3 0.0/ 9.0 Points
Question 9 of 32
https://mymodules.unisa.ac.za/portal/site/FAC1503-21-S1-8E/tool/0d65f92f-94b4-465b-9a89-e04b20fc1ed5/jsf/index/mainIndex 2/19
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