Ethics and Cash Handling - Cash Handling rules
Quiz by Amanda Burgess
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- Q1
What is a client ledger?
A record of transactions kept for each individual client
The record of all transactions entering the solicitors firm
A bank account in which all client funds are kept
A spreadsheet which details all client bank account details
45s - Q2
If a client pays a sum of money to a solicitor, which account is it paid into?
Office account
Client account
45s - Q3
A Cash Account is the record kept from the perspective of the
Firm (solicitors)
Client
45s - Q4
Financial records are updated
monthly
to record each transaction
Weekly
annually
45s - Q5
When would a transaction be paid OUT of the office account?
If there are insufficient funds in the client account
When interest has accrued to sufficiently fund a client transaction
If the transaction takes place on the last banking day of the month
45s - Q6
If Lisa pays £300 to her solicitor for advertising costs associated with the sale of her property, where is this recorded on her ledger?
office account credit
Client account, credit
client account debit
office account debit
45s - Q7
When would a figure be required in the 'balance column' of a client ledger?
This would be completed on a weekly basis
This is to be completed with every transaction
This would only be completed when the account has been credited with funds
This would only be completed when an account has paid out a sum of money
45s - Q8
In a Cash Account the 'office account' is shown on the
left side of the page
right side of the page
45s - Q9
A transaction recorded as a credit in the Cash Account will also be recorded as a credit in the client ledger
True
False
45s - Q10
A Cash Account contains both office account and client account
False
True
45s