Assignment Task
Task
1. When an agent receives trust funds, in what order is the money recorded:
a) Receipt book, ledger, cash book,
b) Cash book receipt book, ledger,
c) Cash book, ledger, trial balance,
d) Receipt book, cash book, ledger.
2. in the event that a cheque is received that comprises both “trust monies” and “non-trust monies” the licensee must take the following action:
a) Pay the cheque into the office “General Account” and transfer theTrust Money to the Trust Account as soon as practicable
b) Pay the cheque into the office “General Account” and transfer theTrust Money to the Trust Account within 14 days
c) Pay the cheque into the Trust account and transfer the non-trust money tothe General Account as soon as the money becomes available
d) Either (a) or (c)
3. Trust money held on behalf of a person is available to:
a) Be held by the licensee in a trust account bank account
b) Be held exclusively for the person
c) Paid or disbursed to that person or the person nominated by them
d) To pay licensee’s creditors
e) (a), (b) and (c)
4. The licensee must ensure that a back up copy of all computerised records:
a) Is not kept at the licensees business address or office address
b) Is conducted at least every month
c) Is kept in a fireproof safe
d) Is kept in such a manner that any incident cannot affect the records
e) (a), (b) and (d)
5. Within 21 days after the end of each month the licensee must:
a) Balance the Trust Cash book for the previous month
b) Complete a Trial Balance for the previous month
c) Reconcile the Trust Cash Book to the Trust Bank Statement
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