MCQ Session: Solicitors Accounts

A live MCQ Session where we go over together unseen SQE1-style MCQs on the SRA Accounts Rules (client money and accounting entries). You will have a go at each MCQ, and then we will go over it together, discussing what the best answer is and the underlying blackletter law rule.

For the recording and slides to this Session, please buy an MCQ Pass.

We will be covering the following parts of the SQE1 assessment specification:

• Client money:
  • Definition
  • Requirement to pay client money into a client account
  • Circumstances in which client money may be withheld from a client account
  • Repayment
  • Accounting entries required
• Client account:
  • Meaning and name of account
  • Obligation not to use client account to provide banking facilities
  • Withdrawals and accounting entries required
• Requirement to keep client money separate from money belonging to the authorised body
• Interest:
  • Requirement to pay interest on client money
  • Accounting entries required
• Breach of the SRA Accounts Rules:
  • Duty to correct breaches of SRA Accounts Rules promptly on discovery
  • Accounting entries required
• Requirement to keep and maintain accurate records in client ledgers, including requirement to carry out reconciliation of client accounts and to keep a record of bills to include:
  • Disbursements using the agency and principal method
  • Transfers
  • Submission, reduction and payment of bills including the VAT element
  • Accounting entries required