Sra account rules Study guides, Revision notes & Summaries

These notes provide everything you need to revise for the solicitor's accounts exam and to take into the exam with you (open book University of Law). These notes include: SRA accounts rules, examples financial statement, examples client ledger questions (for a will and for sale and purchase of a house), agency and principal methods, practice questions with answers, multiple choice questions and answers, client or business money example questions.

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? - CORRECT ANSWER-expense incurred asset acquired/increased liability...

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 of costs and have to pay a disbursement. Which is correct...

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...

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 business that provides legal services, irrespective of their level. ...

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? - CORRECT ANSWER-That these must be kept separate What is Rule 12? - CO...

Airman Leadership School Set A (VOL 1,2,3)With Complete Solutions. SrA Shelby listens as the ALS instructor says, "The course is rigorous so you'll want to manage your time wisely because your achievements depend entirely on the effort you put forth. Invest time in reviewing lesson objectives and samples of behavior because they help you prepare for exams. Although we use various teaching methods to appeal to all learning styles, most students find it takes effective study habits, critical ...

(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...

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...

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...