Solicitor-accounts Study guides, Class notes & Summaries

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...

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...

notes based on Barbri prep course and external resources - wills, validity, UK law, capacity, variation, probate

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. ...

FLK2 MCQS SUMMARY SOLICITORS ACCOUNTS EXAM (ELABORATED QUESTIONS AND ANSWERS) LATEST The solicitor should pay the whole of the sum into client account and promptly transfer £800 to business account When there is a mixed payment of client money and non-client money, it must be paid into client account, and the non-client money transferred to business account. - CORRECT ANSWER-A solicitor acts for a residential buyer, and the transaction is nearing simultaneous exchange and completio...

IACCP Master Questions Bank with Answers 100% solved Rated A+IACCP Master Questions Bank with Answers 100% solved Rated A+ Contains marking scheme The SMC Capital, Inc. No-Action Letter (September 5, 1995) states that trade allocations may occur: A. Only on a rotational basis B. On a pro rata basis but other allocation methods can be used without violating the Advisers Act C. Only on a pro rata basis D. Based on the trader's good faith discretion – Which of the following should ...

ACAMS Exam 344 Questions with Verified Answers 2 ways remittance services can foster ML - CORRECT ANSWER • Packages containing large cash sums and even drugs anonymously. • Another technique commonly used by money remitters and currency exchanges is for the broker to make the funds available to the criminal organization at the destination country in the local currency. 2 Ways to launder money in Real Estate - CORRECT ANSWER • By way of chain transactions in real estate to cloak th...

Sample Questions - Trusts Question 1 Under the terms of a valid will, a woman appointed her son to hold her residuary estate on trust ‘for such promising young tennis players living in Wales and in such shares as [my son] thinks fit’. The woman was a past Chair of a tennis club and grew up in Cardiff. Her residuary estate was made up of money held in various UK bank accounts. The woman’s son asks a solicitor whether this trust is valid. The son wants to carry out the woman’s wishe...

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...