Solicitors accounts Study guides, Class notes & Summaries

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...

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 Exam Revision | 100% Correct Answers | Verified | Latest 2024 Version

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...

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 AccountsSolicitors AccountsSolicitors AccountsSolicitors AccountsSolicitors AccountsSolicitors AccountsSolicitors Accounts

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...

SQE 1 - Solicitors Accounts (Client money and client accoutns) Latest Update Exam Questions and 100% Verified Correct Answers Guaranteed A+

Solicitors accountsSolicitors accountsSolicitors accountsSolicitors accountsSolicitors accountsSolicitors accountsSolicitors accountsSolicitors accountsSolicitors accountsv