Sra account rules Study guides, Revision notes & Summaries

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?...

SUMMARY SOLICITOR ACCOUNTS EXAM REVIEW (QUESTIONS AND ANSWERS) What is the overarching objective? - CORRECT ANSWER-Rule 1.1 of the SRA Accounts Rules: "The purpose of these rules is to keep client money safe." What is the main way in which the Rules seek to achieve the overarching objective? - CORRECT ANSWER-Rule 1.2(1): By requiring the firm to keep other people's money separate from the firm's own money What is the fundamental rule concerning client money & office money? - CORR...

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?...

SOLAC SRA Accounts Rules Client Money Client Money Defined in Rule 2.1 as money held or receive by the firm: (a) Relating to regulated services delivered by you [the firm] to a client. (b) On behalf of a third party in relation to regulated services delivered by you (incl stakeholder). (c) As a trustee or as the holder of a specified office or appointment. (d) In respect of your fees and any unpaid disbursements if held or received prior to delivery of a bill for the same. (but note: o...

SUMMARY SOLICITORS' ACCOUNTS MCQS PRACTICE EXAM TEST You hold £500 on account of costs for the client. You pay a surveyor's fee of £200 + £40 for the client. The invoice is made out to you. Subsequently you send the clients a bill for £400 in professional charges. The client is registered for VAT. How do you send the VAT invoices? - CORRECT ANSWER-You will send the client one VAT invoice covering the VAT on both the survey and the profit costs. You are holding £600 on account o...

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 (FOUNDATIONS OF SOLICITORS’ ACCOUNTS) ELABORATED EXAM What are the SRA Accounts Rules ('the Rules')? - CORRECT ANSWER--The SRA Accounts Rules 2019. This version has been in effect since November 2019 and can be found on the SRA website. -The Rules govern how law firms operate their accounting systems, and focus specifically on safeguarding money belonging to clients and others Who do the SRA rules apply to? - CORRECT ANSWER-These rules apply to everyone involved in a ...

(1) SRA Principles: The purpose, scope and content of the SRA Principles. (2) SRA Code of Conduct: The purpose, scope and content of the SRA Code of Conduct for Solicitors, RELs and RFLs as well as the SRA Code of Conduct for Firms in relation to Managers in authorised firms and Compliance Officers. [See the Statement of Solicitor Competence (SoSC) at Annex 1 of the SQE1 Assessment Specification] SOLICITORS ACCOUNTS (FLK2) (1) Client money: Definition, the requirement to pay client mone...

CRIMINAL LITIGATION CHAPTER 1: THE CRIMINAL JUSTICE SYSTEM, THE CRIMINAL PROCEDURE RULES, PROFESSIONAL CONDUCT AND FUNDING Legal Practice Course Learning Outcomes After this chapter you should be able to: 1. understand how the criminal justice system works in overview; 2. understand the Criminal Procedure Rules (‘CrPR’) and the court’s case management powers; 3. appreciate the relevant professional conduct rules in criminal practice; and 4. advise a clien...

These are revision notes for the Civil Litigation Core Unit of the Legal Practice Course. They are based on the BPP University's course that started in May 2019. The revision notes have been updated to take account of the change in the SRA's Code of Practice and the Civil Procedure Rules are based on the most recent version found on the UK government's website. There are a couple of pages on EU jurisdiction but these are likely no longer relevant after Brexit and are included only...