Solicitor accounts Study guides, Revision notes & Summaries

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...

BLP REVISION NOTES EXAM WITH BEST SOLUTIONS CONTENTS i) SRA 10 Principles, The Code of Conduct, Undertakings & Anti-Money Laundering ii) FSMA 2000 – Regulated Activities (ch.17 LF textbook) iii) Business Accounts iv) Partnership (1) v) Partnership (2) vi) Overview of different business structures; advantages and disadvantages vii) Separate legal personality and groups of companies viii) Director’s Powers & Authority – Decision making (list of Ds vs SHs decision making) ix) Di...

IACCP (QE) QUESTIONS WITH CORRECT ANSWERS, GRADED A+ Which THREE persons or firms may be excluded from having to register under the Investment Advisers Act of 1940? (Choose three.) A. Accountants whose advisory services pertain solely to incidental financial planning. B. Persons or firms whose advice and reports are related solely to U.S. government securities. C. Publishers of generally circulated, bona fide newspapers or financial journals. D. Domestic banks and bank holding companies. ...

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 relation to activ...

This document states the entries needed to be made for every transaction on the solicitors' accounts module on the LPC.

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...

BLP REVISION NOTES EXAM WITH BEST SOLUTIONS CONTENTS i) SRA 10 Principles, The Code of Conduct, Undertakings & Anti-Money Laundering ii) FSMA 2000 – Regulated Activities (ch.17 LF textbook) iii) Business Accounts iv) Partnership (1) v) Partnership (2) vi) Overview of different business structures; advantages and disadvantages vii) Separate legal personality and groups of companies viii) Director’s Powers & Authority – Decision making (list of Ds vs SHs decision making) ix) Di...

(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...

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?...

Which THREE persons or firms may be excluded from having to register under the Investment Advisers Act of 1940? (Choose three.) A. Accountants whose advisory services pertain solely to incidental financial planning. B. Persons or firms whose advice and reports are related solely to U.S. government securities. C. Publishers of generally circulated, bona fide newspapers or financial journals. D. Domestic banks and bank holding companies.: B. Persons or firms whose advice and reports are r...