Solicitors accounts Study guides, Revision notes & Summaries
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![CHAPTER 6-12 FOR MOCK MCQS SUMMARY SOLICITORS ACCOUNTS RETAKE EXAM](/docpics/4124661/6594307b9214a_4124661_121_171.jpeg)
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CHAPTER 6-12 FOR MOCK MCQS SUMMARY SOLICITORS ACCOUNTS RETAKE EXAM
- Exam (elaborations) • 24 pages • 2024
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Inherent risk differs from detection risk in that inherent risk: 
A. arises from the misapplication of auditing procedures. 
B. may be assessed in either quantitative or non-quantitative terms. 
C. exists independently of the financial report audit. 
D. can be changed at the auditor's discretion. - CORRECT ANSWER-C 
Which of the following would not increase inherent risk? 
A. Introduction of a performance-based management compensation scheme to improve 
efficiency and effectiveness. 
B. Appoi...
![FLK2 MCQS SUMMARY SOLICITORS ACCOUNTS EXAM (ELABORATED QUESTIONS AND ANSWERS) LATEST](/docpics/4124548/65942db7857ae_4124548_121_171.jpeg)
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FLK2 MCQS SUMMARY SOLICITORS ACCOUNTS EXAM (ELABORATED QUESTIONS AND ANSWERS) LATEST
- Exam (elaborations) • 58 pages • 2024
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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 completion. 
The buyer sends to the solicitor a bank transfer comprising £800 solicitors' costs a...
![SUMMARY SOLICITORS ACCOUNTS EXAM TEST (QUESTIONS AND ANSWERS) UPDATED](/docpics/4124539/65942d7047979_4124539_121_171.jpeg)
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SUMMARY SOLICITORS ACCOUNTS EXAM TEST (QUESTIONS AND ANSWERS) UPDATED
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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...
![Solicitors Accounts Exam Revision | 100% Correct Answers | Verified | Latest 2024 Version](/docpics/4753933/65f4ba66508be_4753933_121_171.jpeg)
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Solicitors Accounts Exam Revision | 100% Correct Answers | Verified | Latest 2024 Version
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Client or office money? Money held to sender's order where sender is not a client of the firm. - 
Client money. See r12.1 
Client or office money? Money held or received as stakeholder, where firm is conducting a transaction 
for a principal of the firm. - Client money. Stakeholder money is always client money. See r12.2(b) 
Client or office money? Money received for any paid disbursement. - Office money. Doesn't matter 
what the nature of the disbursement is. See r12.7(c)(ii) 
Client or offic...
![Solicitors Accounts Exam Revision | 100% Correct Answers | Verified | Latest 2024 Version](/docpics/5472210/66570e3b32660_5472210_121_171.jpeg)
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Solicitors Accounts Exam Revision | 100% Correct Answers | Verified | Latest 2024 Version
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Solicitors Accounts Exam Revision | 
100% Correct Answers | Verified | Latest 
2024 Version
![SUMMARY SOLICITORS ACCOUNTS UPGRADED EXAM WITH CORRECT ANSWERS](/docpics/4124564/65942e26ed946_4124564_121_171.jpeg)
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SUMMARY SOLICITORS ACCOUNTS UPGRADED EXAM WITH CORRECT ANSWERS
- Exam (elaborations) • 6 pages • 2024
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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...
![Business Law & Practice 98% High Distinction LPC Notes (2022) - University of Law](/docpics/629e5ea543396_1776902.jpg)
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Business Law & Practice 98% High Distinction LPC Notes (2022) - University of Law
- Other • 224 pages • 2022
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Business Law and Practice LPC Notes (2022) - High distinction/98% attained 
 
I obtained a grade of 98% using these notes and resources ONLY. 
 
Includes notes, workshop tasks and notes, past papers, exam procedure plans, exemplars and more. 
 
When purchasing, please provide your email address in the 'buyer's notes' section and I will send them to you as soon as possible! 
 
Please let me know if you have any questions before purchasing! 
 
Suitable for the University of Law and BPP Universi...
![FLK2 MCQS SUMMARY SOLICITORS ACCOUNTS EXAM (ELABORATED QUESTIONS AND ANSWERS) LATEST](/docpics/4173327/659c4a7fe7ff3_4173327_121_171.jpeg)
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FLK2 MCQS SUMMARY SOLICITORS ACCOUNTS EXAM (ELABORATED QUESTIONS AND ANSWERS) LATEST
- Exam (elaborations) • 58 pages • 2024
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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 VERIFIED EXAM TEST](/docpics/4124584/65942ee72e0f5_4124584_121_171.jpeg)
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SUMMARY SOLICITORS ACCOUNTS VERIFIED EXAM TEST
- Exam (elaborations) • 4 pages • 2024
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money received for costs in payment of a bill or agreed fee - client or office money? - 
CORRECT ANSWER-Office Money 
money received as an advance or on account of costs generally - client or office 
money? - CORRECT ANSWER-Client Money 
money received to cover disbursements which have not yet been paid - client or office 
money? - CORRECT ANSWER-Generally Client Money - limited exception at 12.7(e) - 
money received for disbursements not yet paid but for which firm has incurred liability 
eg...
![SUMMARY SOLICITORS ACCOUNTS BLP MCQS PRACTICE TEST](/docpics/4334340/65b3475f5821e_4334340_121_171.jpeg)
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SUMMARY SOLICITORS ACCOUNTS BLP MCQS PRACTICE TEST
- Exam (elaborations) • 20 pages • 2024
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SUMMARY SOLICITORS ACCOUNTS 
BLP MCQS PRACTICE TEST 
Butterberry Limited is a company making yoghurts and other dairy products. It has been 
in existence for 12 years and has four shareholders who are also the four directors of 
the company. It has outgrown its existing premises and needs to move to a larger 
factory. Nick and Andi, two of the company's directors, negotiate the purchase of a new 
factory on the Wrexford Industrial Estate with Wrexford Development Corporation. Nick 
and An...
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