The trust banking account may only be used for money held by the law practitioners practice on behalf of a client.TrueFalseReset Selection

Question 2 of 32

1.0 Points

If there are trust funds available for a transfer to the business account to settle the fees levied, an entry is made in the transfer journal. The trust creditor account is debited and the client account is credited.TrueFalseReset Selection

Question 3 of 32

1.0 Points

A law firm shall be deemed to have complied sufficiently with Rule 54.8 of the LPA if the law firm: makes transfers from its trust banking account to its business banking account at least once a month; and ensures that, when making a transfer from its trust banking account to its business banking account.TrueFalseReset Selection

Question 4 of 32

1.0 Points

All trust cash available (i.e. the trust bank account balance and any trust investments) must be compared with the total trust liability (total of the trust creditors balances). If the trust funds exceed the trust liabilities, a trust excess exists and is referred to as a trust surplus.TrueFalseReset Selection

Question 5 of 32

1.0 Points

Funds that are deposited into a trust account are neither the property of the individual attorney nor the property of the attorneys firm.TrueFalseReset Selection

Question 6 of 32

1.0 Points

A legal practice differs from other businesses in that the legal practitioner receives money from clients, which must be kept in trust.TrueFalseReset Selection

Question 7 of 32

1.0 Points

The total of the trust creditors account must be equal to or greater than the total credits balance of the individual trust creditors.TrueFalseReset Selection