Solicitors accounts Study guides, Class notes & Summaries
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Solicitors Accounts
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SUMMARY SOLICITORS ACCOUNTS UPGRADED EXAM WITH CORRECT ANSWERS
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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...
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SUMMARY SOLICITORS ACCOUNTS EXAM TEST (QUESTIONS AND ANSWERS) UPDATED
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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?...
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CHAPTER 6-12 FOR MOCK MCQS SUMMARY SOLICITORS ACCOUNTS RETAKE EXAM
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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 ...
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FLK2 MCQS SUMMARY SOLICITORS ACCOUNTS EXAM (ELABORATED QUESTIONS AND ANSWERS) LATEST
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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...
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Package deal FOR SUMMARY SOLICITORS ACCOUNTS EXAM TEST (QUESTIONS AND ANSWERS) UPDATED
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SUMMARY SOLICITORS ACCOUNTS EXAM TEST (QUESTIONS AND ANSWERS) UPDATED
ACTUAL EXAM FOR REAL ESTATE MCQS SUMMARY SOLICITORS ACCOUNTS
SUMMARY SOLICITORS ACCOUNTS BLP MCQS PRACTICE TEST
SUMMARY SOLICITORS ACCOUNTS VERIFIED EXAM TEST
SUMMARY SOLICITORS ACCOUNTS UPGRADED EXAM WITH CORRECT ANSWERS
FLK2 MCQS SUMMARY SOLICITORS ACCOUNTS EXAM (ELABORATED QUE
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Solicitors Accounts - Cheatsheet + Detailed Notes all-in-one
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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!
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SUMMARY SOLICITORS ACCOUNTS VERIFIED EXAM TEST
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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...
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SUMMARY SOLICITORS ACCOUNTS UPGRADED EXAM WITH CORRECT ANSWERS
- Exam (elaborations) • 6 pages • 2024
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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...
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SUMMARY SOLICITORS ACCOUNTS EXAM TEST (QUESTIONS AND ANSWERS) UPDATED
- Exam (elaborations) • 10 pages • 2024
- Available in package deal
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- $12.49
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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?...
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