Solicitor's Study guides, Class 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.

All the possible entries you'll need for the BPP Solicitors' Accounts Exam.

All of the ledger entries required for the Solicitor's Accounts exam.

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 completion. The buyer sends to the solicitor a bank transfer comprising £800 solicitors' costs a...

*DISTINCTION LEVEL* Alice Hicks style colourful summary with full client ledger examples and references to the textbook chapters/paragraphs for the exam. Also financial summary examples and full detail of the rules. University of Law Exam Ready!

Definition: Assurance - Answer-An assurance firm's satisfaction as to the reliability of an assertion being made by one party for the use of another party. Identify: 5 Key Elements of an Assurance Engagement (Hint: Three Sweet Cows Eating Raisins) - Answer- 1. Three party relationship (user, responsible party & practitioner) 2. Subject matter 3. Suitable criteria 4. Evidence 5. Written Report Explain: Difference between the 2 levels of assurance - Answer-1. Reasonable assurance - (Highe...

Mortgage Agent Final Exam Questions With Correct Answers Updated 2023/2024. Home Buyer's Tax Credit (HBTC) - ANSWER For 2011 and subsequent years, the federal government provides a non-refundable tax credit, based on an amount of $5,000, for certain home buyers that acquire a qualifying home. The HBTC is calculated by multiplying the lowest personal income tax rate for the year by $5,000. The current maximum credit is $750. More information can be found on the Canada Revenue Agency (CRA) w...

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...

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...

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...