SUMMARY SOLICITORS ACCOUNTS Study guides, Class notes & Summaries

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 ...

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...

SUMMARY SOLICITORS ACCOUNTS VERIFIED EXAM TEST 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 p...

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...

ACTUAL EXAM FOR REAL ESTATE MCQS SUMMARY SOLICITORS ACCOUNTS Entry 2 of a Charges Register states that a conveyance dated 5 October 1999, made between Edward Charles Rigley (1) and Euan Andrew Palenbella (2), contains restrictive covenants. The Land Registry does not have a copy of this conveyance. Which ONE of the following statements about the contents of the conveyance is CORRECT? A. A buyer would be bound by the covenants contained in the missing conveyance, because the Charg...

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...

SUMMARY SOLICITORS ACCOUNTS VERIFIED EXAM TEST 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 p...

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...