Solicitor Accounts

FLK2 MCQS SUMMARY SOLICITORS ACCOUNTS EXAM (ELABORATED QUESTIONS AND ANSWERS) LATEST The solicitor should pay the whole of the sum into client account and promptly transfer £800 to business account When there is a mixed payment of client money and non-client money, it must be paid into client account, and the non-client money transferred to business account. - CORRECT ANSWER-A solicitor acts for a residential buyer, and the transaction is nearing simultaneous exchange and completio...

SUMMARY SOLICITORS ACCOUNTS EXAM TEST (QUESTIONS AND ANSWERS) UPDATED what system is used for recording solicitors accounts? - CORRECT ANSWER-double entry bookkeeping what are the two aspects of every financial transaction to be logged? - CORRECT ANSWER-Debit DR Credit CR what are the two aspects if the firm pays cash to buy premises? - CORRECT ANSWER1. firm has less cash 2. firm has acquired an asset in the form of premises examples of what will go in the left/debit side column?...

SUMMARY SOLICITOR ACCOUNTS EXAM REVIEW (QUESTIONS AND ANSWERS) What is the overarching objective? - CORRECT ANSWER-Rule 1.1 of the SRA Accounts Rules: "The purpose of these rules is to keep client money safe." What is the main way in which the Rules seek to achieve the overarching objective? - CORRECT ANSWER-Rule 1.2(1): By requiring the firm to keep other people's money separate from the firm's own money What is the fundamental rule concerning client money & office money? - CORR...

Alabama Life and Health Insurance Exam Solved 100% Correct!! a predetermined limit. Insurance is a method risk is transferred to an insurer for consideration up to 1. spouses in each other 2. parents in their children 3. creditors in their debtors Which of the following would be considered proper establishment of insurable interest in the life insurance area? It is called the mortality rate Which of the following statements about the average number of people who die each year is true? ...

What are the SRA Accounts Rules ('the Rules')? - CORRECT ANSWER--The SRA Accounts Rules 2019. This version has been in effect since November 2019 and can be found on the SRA website. -The Rules govern how law firms operate their accounting systems, and focus specifically on safeguarding money belonging to clients and others Who do the SRA rules apply to? - CORRECT ANSWER-These rules apply to everyone involved in a business that provides legal services, irrespective of their level. ...

The Overarching Objective: - CORRECT ANSWER-Rule 1.1 of SRA Accounts Rule - To keep client money safe Office Money: - CORRECT ANSWER-Belongs to firm Client Money: - CORRECT ANSWER-Belongs to clients. Rule 12 SRA 12.2 & 12.7: - CORRECT ANSWER-set out the distinctions between what is client money and what is office money. Rule 12.7 is the main rule listing examples of what is office money Out of scope money: - CORRECT ANSWER-money received by a multi-disciplinary partnership in relatio...

what system is used for recording solicitors accounts? - CORRECT ANSWER-double entry bookkeeping what are the two aspects of every financial transaction to be logged? - CORRECT ANSWER-Debit DR Credit CR what are the two aspects if the firm pays cash to buy premises? - CORRECT ANSWER1. firm has less cash 2. firm has acquired an asset in the form of premises examples of what will go in the left/debit side column? - CORRECT ANSWER-expense incurred asset acquired/increased liability...

What is the overarching objective? - CORRECT ANSWER-Rule 1.1 of the SRA Accounts Rules: "The purpose of these rules is to keep client money safe." What is the main way in which the Rules seek to achieve the overarching objective? - CORRECT ANSWER-Rule 1.2(1): By requiring the firm to keep other people's money separate from the firm's own money What is the fundamental rule concerning client money & office money? - CORRECT ANSWER-That these must be kept separate What is Rule 12? - CO...

Specific insurance - Answer This type of insurance designates a particular item to be insured Blanket insurance - Answer This type of insurance covers more than one item of property at a single location or one more items of property at multiple locations. Speculative - Answer possibility of both gain and loss. Not insurable. Pure - Answer only the possibility of loss. Insurable. What are the 5 methods of managing or handling risk? - Answer avoid, control, retain, and transfer risk. ...

Alabama Life and Health Insurance Exam Solved 100% Correct!! a predetermined limit. Insurance is a method risk is transferred to an insurer for consideration up to 1. spouses in each other 2. parents in their children 3. creditors in their debtors Which of the following would be considered proper establishment of insurable interest in the life insurance area? It is called the mortality rate Which of the following statements about the average number of people who die each year is true? ...