SQE1 · topic drill
Solicitors Accounts drill
The SRA Accounts Rules: client money, client and business accounts, transfers, interest, breaches and the accounting entries.
20questions in the bank
20per sitting, shuffled
—untimed
The answer and explanation appear after each question. Each sitting draws a fresh 20 from the bank, so run it again for new ones.
What is in this drill
Scope: FLK2, Chapter 10: Solicitors Accounts
A sample question
A firm's private client department holds large sums of estate money in client account for executors. The firm's COFA is reviewing the firm's procedures for checking its client account. Under the SRA Accounts Rules, how often must the firm complete a reconciliation of its client account?
- At least once a month, signed off by the senior partner, with differences reported to the bank
- Once a year, as part of the accountant's report
- At least every 14 days, signed off by an external accountant
- At least every quarter, signed off by the firm's COLP
- At least every five weeks, signed off by the COFA or a manager, with any differences promptly investigated
Marked when you take the drill; the explanation appears in your review.