fac1503 mega exampack semester 1 2023 assignment questions and memos
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faac1503 assignment 1 2023
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University of South Africa (Unisa)
FAC1503 - Financial Accounting Principles For Law Practitioners
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FAC1503
Financial Accounting Principles for Law Practitioners
MEGA EXAMPACK
ASSIGNMENT QUESTIONS &
MEMO’S + NOTES & SUMMARIES.
SEMESTER 1 - 2023
Includes Footnotes and/or Bibliography
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Question 1
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Question text
Which of the following statements regarding the rules of the trust bank account
are incorrect when funds are transferred from the trust account to the business
account?
Select one:
a.
Surplus clients’ trust funds may be transferred from the trust bank account to a
separate trust savings account or other interest-bearing account.
b.
The trust bank account should always reflect a debit balance to ensure no
irregularity occurs.
c.
The amount drawn from the trust bank account may exceed the amount kept in
trust on behalf of the client.
d.
Funds may be transferred from the trust bank account to the business bank
account when applying the required requirements.
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Refer to learning unit 6.2
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