Solicitors accounts Study guides, Class notes & Summaries

Solicitors AccountsSolicitors AccountsSolicitors AccountsSolicitors AccountsSolicitors AccountsSolicitors AccountsSolicitors AccountsSolicitors AccountsSolicitors AccountsSolicitors AccountsSolicitors AccountsSolicitors AccountsSolicitors AccountsSolicitors AccountsSolicitors AccountsSolicitors AccountsSolicitors AccountsSolicitors AccountsSolicitors AccountsSolicitors AccountsSolicitors AccountsSolicitors Accounts

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...

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?...

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 ...

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...

Everything you need in digestible steps that you can copy and paste in the exam, with little notes to help you understand everything. Do not need to go through workbook, just rely on this!

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 UPGRADED EXAM WITH CORRECT ANSWERS 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 AN...

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?...