Solicitors accounts Study guides, Revision notes & Summaries
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![2022/23 Solac Consolidation Solicitors Accounts notes](/docpics/642131d8a8795_2519788.jpg)
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2022/23 Solac Consolidation Solicitors Accounts notes
- Summary • 13 pages • 2023
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SOLAC 
SRA Accounts Rules 
Client Money Client Money 
Defined in Rule 2.1 as money held or receive by the firm: 
(a) Relating to regulated services delivered by you [the firm] to a 
client. 
(b) On behalf of a third party in relation to regulated services delivered 
by you (incl stakeholder). 
(c) As a trustee or as the holder of a specified office or appointment. 
(d) In respect of your fees and any unpaid disbursements if held or 
received prior to delivery of a bill for the same. (but note: o...
![FLK2 MCQS SUMMARY SOLICITORS ACCOUNTS EXAM (ELABORATED QUESTIONS AND ANSWERS) LATEST](/docpics/4334310/65b34582e1fed_4334310_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...
![CHAPTER 6-12 FOR MOCK MCQS SUMMARY SOLICITORS ACCOUNTS RETAKE EXA](/docpics/4334373/65b34906ca7d8_4334373_121_171.jpeg)
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CHAPTER 6-12 FOR MOCK MCQS SUMMARY SOLICITORS ACCOUNTS RETAKE EXA
- Exam (elaborations) • 24 pages • 2024
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CHAPTER 6-12 FOR MOCK MCQS 
SUMMARY SOLICITORS ACCOUNTS 
RETAKE EXAM 
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 ...
![SOLICITORS ACCOUNTS PRACTICE EXAM 123|QUESTIONS WITH CORRECT ANSWERS](/docpics/63e20ae858eba_2344831.jpg)
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SOLICITORS ACCOUNTS PRACTICE EXAM 123|QUESTIONS WITH CORRECT ANSWERS
- Exam (elaborations) • 15 pages • 2023
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What is client money? CORRECT ANSWER Money received by you relating to regulated services by you to a client, on behalf of a 3rd party in relation to the regulated services 
 
If a client has not yet been billed but you receive money from them, which account does it go into? CORRECT ANSWER The client bank account 
 
Money coming INTO the firm for a client, is recorded how? CORRECT ANSWER As a CREDIT in their Credit ledger and DEBIT in the cash account 
 
Money LEAVING the firm, is owed to it by ...
![SUMMARY SOLICITORS ACCOUNTS EXAM TEST (QUESTIONS AND ANSWERS) UPDATED](/docpics/4173297/659c49e54be65_4173297_121_171.jpeg)
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SUMMARY SOLICITORS ACCOUNTS EXAM TEST (QUESTIONS AND ANSWERS) UPDATED
- Exam (elaborations) • 10 pages • 2024
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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?...
![IPP LPC Solicitors Accounts Notes (Full notes for exam)](/docpics/641ffb486b119_2516952.jpg)
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IPP LPC Solicitors Accounts Notes (Full notes for exam)
- Exam (elaborations) • 9 pages • 2023
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Solicitor’s Accounts 
Exam Information 
⇒ 4 sections in 2 hours 
o Client ledgers (property, probate, sale of business, litigation matter) – more than one client in exam: how many 
clients? 
▪ Use pencil in exam 
o Written questions on the Rules – 64 marks with above 
o Financial Statement (in the context of property transaction) – 16 marks 
▪ Use pencil in exam 
o 5 MCQ’s - 20 marks 
▪ Be aware of ‘must, never and always’ as some rules have exceptions 
Categories of Money ...
![SOLICITORS ACCOUNTS EXAM 2 QUESTIONS WITH CORRECT ANSWERS](/docpics/63e20aa7deaca_2344824.jpg)
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SOLICITORS ACCOUNTS EXAM 2 QUESTIONS WITH CORRECT ANSWERS
- Exam (elaborations) • 8 pages • 2023
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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 relation to activ...
![SUMMARY SOLICITORS ACCOUNTS EXAM TEST (QUESTIONS AND ANSWERS) UPDATED](/docpics/4334298/65b3449925a2c_4334298_121_171.jpeg)
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SUMMARY SOLICITORS ACCOUNTS EXAM TEST (QUESTIONS AND ANSWERS) UPDATED
- Exam (elaborations) • 10 pages • 2024
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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?...
![SQE 1 - Business Law and Practice Revision Notes (FLK 1)](/docpics/4144139/65a2aedaad3c3_4144139_121_171.jpeg)
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SQE 1 - Business Law and Practice Revision Notes (FLK 1)
- Summary • 27 pages • 2024
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Summarises everything you need to know for Business Law and Practice, including the core knowledge of Company Law. 
Carefully curated summary notes, aligned precisely with SRA guidelines, comprehensive and also tailored to the specifics of the SQE exam. Organised meticulously by sections and sections and subsections following SRA specifications.
![SOLICITORS ACCOUNTS QUESTIONS WITH CORRECT ANSWERS](/docpics/63e20a69b2f12_2344821.jpg)
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SOLICITORS ACCOUNTS QUESTIONS WITH CORRECT ANSWERS
- Exam (elaborations) • 6 pages • 2023
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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 account a...
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