Which of the following statements is incorrect?Select one:a.Funds that are deposited into a trust account are neither the property of the individual attorney nor the property of the attorneys’ firm.b.When transfers are made for more than one client on a specific day, only one EFT, representing the total of the individual transfers for the day, is recorded in the business cash receipts journal for the transfer to the trust bank account.c.All transfers to the clients’ ledger and the trust creditors’ ledger should be done via the transfer journal.d.An attorney’s trust account is essentially a business bank account, established by the attorney’s firm to hold client funds.

Which of the following statements is incorrect?Select one:a.The practice of transferring rounded amounts is acceptable.b.If a law firm uses electronic banking (EFT’s) in respect of payments from the trust account to the business account the law firm shall keep a proper audit trail, which shall include verification of the payee’s banking account details.c.The exact amount owing on the business account of the client should be transferred.d.The law firm must ensure that adequate internal controls are implemented in order to ensure compliance with the rules as well as to ensure that trust funds are safeguarded.

Which one of the following statements is incorrect?Select one:a.Rule 54.22 states that money, other than trust money, in the trust banking account shall be transferred to the business banking account without undue delay.b.The client should give consent for their funds to be transferred from their trust creditor’s account to their business account.c.Rule 54.14.14.2 make provision for transfers to be made from the law practitioner’s trust banking account to the law practitioner’s business account, only if the transfers are made in respect of money due to the practice.d.Trust funds may not be transferred if they are earmarked for a specific purpose.

A client, W West, instructed the attorney practice, South Attorneys, to transfer an amount of R5 200, from the trust bank account to the business bank account for fees that are due to South Attorneys after the attorney practice has rendered all services to the W West on 30 June 2021. The trust creditors control account of W West had a credit balance of R7 000 on 30 June 2021.Which one of the following options represents the correct journal entry when the funds due to South Attorneys are paid on 30 June 2021?Select one:a.Journal entryDrRCrRTrust bank accountBusiness bank accountFunds transferred to the business bank account5 200 5 200b.Journal entryDrRCrRTrust creditor control account (W West)Business bank accountFunds transferred to the business bank account5 200 5 200c.Journal entryDrRCrRBusiness bank accountTrust bank accountFunds transferred to the business bank account5 200 5 200d.Journal entryDrRCrRBusiness bank accountTrust creditor control account (W West)Funds transferred to the business bank account5 200 5 200

Which of the following statements is FALSE?A) A bank's assets are its uses of funds.B) A bank issues liabilities to acquire funds.C) The bank's assets provide the bank with income.D) Bank capital is recorded as an asset on the bank balance sheet

Which of the following statements is FALSE?Question 10Select one:a.Trust deed is the document detailing the sources, uses and disbursement of funds in a trustb.Hedge fund is a type of managed fund.c.The responsible entity is both the trustee and the manager of the trust fund.d.Capital guaranteed funds provide a risk-free investment.