Fac 1503 Study guides, Study notes & Summaries

A trust bank account should never be in overdraft. A debit on a trust creditor account would mean the account is overdrawn which is not permitted In terms of the Rules for the Attorneys’ Profession (the Rules) with regard to the transfer of trust funds from the trust bank account to the business bank account, a legal practice shall ensure that the balance on its trust bank account shall at any date be equal to or exceed the total credit balances of the trust creditors in its accounting r...

FAC1503 EXAM pack 2019 Updated Financial Accounting Principles (University of South Africa) .........................................continued....................................... 2019 FAC1503 EXAM PACK 1 2 ...

FAC1503 EXAM pack 2019 Updated Financial Accounting Principles (University of South Africa) 2019 FAC1503 EXAM PACK 1 2 3

Part 1 of 5 - Question 1 of 35 1.0 Points The advocate’s journal is used to record those transactions that cannot be recorded in anyof theother journals. True False Reset Selection Question 2 of 35 1.0 Points The individual amounts in the books of prime entry are posted to the personal accounts of theclients and trust creditors in the subsidiary ledgers, and do not form part of the double entrysystem. True False Reset Selection Question 3 of 35 1.0 Points Trust money may include mo...

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FAC1503 EXAM pack 2019 Updated Financial Accounting Principles (University of South Africa) .........................................continued....................................... 2019 FAC1503 EXAM PACK 1 2 ...

FAC1503 EXAM pack 2019 Updated Financial Accounting Principles (University of South Africa) 2019 FAC1503 EXAM PACK 1 2 3

Theory Summary Financial Accounting Principles for Law Practitioners