SOLICITORS ACCOUNTS EXAM 2025

SOLICITORS ACCOUNTS EXAM 2025


QUESTION: Authorized bodies - ANSWER-Bodies authorized by the SRA to practice as licensed bodies,
recognized bodies, or sole practitioners' practices.



QUESTION: Client money - ANSWER-Money held or received in certain circumstances relating to
regulated services delivered by a solicitor.



QUESTION: Business money - ANSWER-Money belonging to the law firm.



QUESTION: Client bank account - ANSWER-Bank account where client money should be paid promptly.



QUESTION: Promptly - ANSWER-Day received or next working day, unless agreed otherwise in writing.



QUESTION: Disbursements - ANSWER-Costs/expenses incurred by the firm on behalf of the client.



QUESTION: Client ledger - ANSWER-Record showing receipts and payments of client money.



QUESTION: Reconciliation - ANSWER-Confirmation of the cash book balance and client ledger total.



QUESTION: Accountant's report - ANSWER-Report required if client money is held or received, or if the
sol operates a joint account or client's own account.



QUESTION: Client account systems and controls - ANSWER-Requirements for firms to have a client bank
account and keep records on a client ledger.



QUESTION: Double entry bookkeeping - ANSWER-System where two entries are made for each
transaction.