Solicitors Study guides, Class notes & Summaries
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Summary SQE Notes Solicitors' Accounts Notes 2022/2023
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Summary SQE Notes Solicitors' Accounts Notes 2022/2023
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SUMMARY SOLICITORS ACCOUNTS BLP MCQS PRACTICE TEST
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SUMMARY SOLICITORS ACCOUNTS 
BLP MCQS PRACTICE TEST 
Butterberry Limited is a company making yoghurts and other dairy products. It has been 
in existence for 12 years and has four shareholders who are also the four directors of 
the company. It has outgrown its existing premises and needs to move to a larger 
factory. Nick and Andi, two of the company's directors, negotiate the purchase of a new 
factory on the Wrexford Industrial Estate with Wrexford Development Corporation. Nick 
and An...
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FLK2 MCQS SUMMARY SOLICITORS ACCOUNTS EXAM (ELABORATED QUESTIONS AND ANSWERS) LATEST
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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...
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CHAPTER 6-12 FOR MOCK MCQS SUMMARY SOLICITORS ACCOUNTS RETAKE EXA
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CHAPTER 6-12 FOR MOCK MCQS 
SUMMARY SOLICITORS ACCOUNTS 
RETAKE EXAM 
Inherent risk differs from detection risk in that inherent risk: 
A. arises from the misapplication of auditing procedures. 
B. may be assessed in either quantitative or non-quantitative terms. 
C. exists independently of the financial report audit. 
D. can be changed at the auditor's discretion. - CORRECT ANSWER-C 
Which of the following would not increase inherent risk? 
A. Introduction of a performance-based management ...
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ACTUAL EXAM FOR REAL ESTATE MCQS SUMMARY SOLICITORS ACCOUNTS
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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...
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SOLICITORS ACCOUNTS PRACTICE EXAM 123|QUESTIONS WITH CORRECT ANSWERS
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What is client money? CORRECT ANSWER Money received by you relating to regulated services by you to a client, on behalf of a 3rd party in relation to the regulated services 
 
If a client has not yet been billed but you receive money from them, which account does it go into? CORRECT ANSWER The client bank account 
 
Money coming INTO the firm for a client, is recorded how? CORRECT ANSWER As a CREDIT in their Credit ledger and DEBIT in the cash account 
 
Money LEAVING the firm, is owed to it by ...
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BPP Solicitor's Accounts - FULL CHEAT SHEET - Exam-Friendly - High Distinction
- Summary • 6 pages • 2022
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All the possible entries you'll need for the BPP Solicitors' Accounts Exam.
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SOLICITORS ACCOUNTS EXAM 2 QUESTIONS WITH CORRECT ANSWERS
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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...
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IPP LPC Solicitors Accounts Notes (Full notes for exam)
- Exam (elaborations) • 9 pages • 2023
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Solicitor’s Accounts 
Exam Information 
⇒ 4 sections in 2 hours 
o Client ledgers (property, probate, sale of business, litigation matter) – more than one client in exam: how many 
clients? 
▪ Use pencil in exam 
o Written questions on the Rules – 64 marks with above 
o Financial Statement (in the context of property transaction) – 16 marks 
▪ Use pencil in exam 
o 5 MCQ’s - 20 marks 
▪ Be aware of ‘must, never and always’ as some rules have exceptions 
Categories of Money ...
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SUMMARY SOLICITORS ACCOUNTS EXAM TEST (QUESTIONS AND ANSWERS) UPDATED
- Exam (elaborations) • 10 pages • 2024
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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?...
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