FAC1503 - Financial Accounting Principles For Law Practitioners
Exam (elaborations)
FAC1503 ASSIGNMENT 3 PACK.
24 views 2 purchases
Course
FAC1503 - Financial Accounting Principles For Law Practitioners
Institution
University Of South Africa
FAC1503 ASSIGNMENT 3 PACK.
Q
Question 1 of 32
1.0/ 1.0 Points
Funds may be transferred from the trust bank account to the business bank
account if the client has paid expenses on behalf of the attorney and the
attorney owes the client for the payment.
True
Fals
e
Answer Key:False
Feedbac...
FAC1503 - Financial Accounting Principles For Law Practitioners
All documents for this subject (26)
Seller
Follow
Excellentstudyresources001
Reviews received
Content preview
FAC1503 ASSIGNMENT 3 PACK.
,Q
Question 1 of 32
1.0/ 1.0 Points
Funds may be transferred from the trust bank account to the business bank
account if the client has paid expenses on behalf of the attorney and the
attorney owes the client for the payment.
True
Fals
e
Answer Key:False
Feedback:Refer to learning unit 6.2
Question 2 of 32
1.0/ 1.0 Points
The trust bank balance may never be a debit balance since an irregularity may
occur.
True
Fals
e
Answer Key:False
Feedback:Refer to learning unit 6.2
Question 3 of 32
1.0/ 1.0 Points
The trust bank account should always reflect a credit balance.
True
Fals
e
, Answer Key:False
Feedback:Refer to learning unit 6.2
Question 4 of 32
1.0/ 1.0 Points
Law practices mostly require that clients deposit money into the business bank
account in advance before any services are rendered or payments are made to
third parties e.g. transfer duties, rates and taxes, deposits payable by
property buyers, etc.
True
Fals
e
Answer Key:False
Feedback:Refer to learning unit 6.1
Question 5 of 32
1.0/ 1.0 Points
All trust cash available (i.e. the trust bank account balance and any trust
investments) must be compared with the total trust liability (total of the
trust creditors’ balances). If the trust liabilities exceed the trust funds, a
trust deficit exists.
True
Fals
e
Answer Key:True
Feedback:Refer to learning unit 6.3
Question 6 of 32
1.0/ 1.0 Points
, Legal practitioners receive trust monies from clients and these funds must be
kept in a trust as per Section 86(2) of the LPA.
True
Fals
e
Answer Key:True
Feedback:Refer to learning unit 6.2
Question 7 of 32
1.0/ 1.0 Points
A pro-forma invoice issued by an attorney is to give a client an estimate of
the fees that will be rendered.
True
Fals
e
Answer Key:True
Feedback:Refer to learning unit 6.1
Part 2 of 9 - Part 2 0.0/ 1.0 Points
Question 8 of 32
0.0/ 1.0 Points
The transfer journal is used to record transfers from the client's trust creditors account to the
client's business account. Which of the following options is incorrect regarding the transferring of
trust funds?
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Excellentstudyresources001. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $3.00. You're not tied to anything after your purchase.
