assessment 4005

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TAFE College *

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MISC

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Accounting

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Jun 26, 2024

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Knowledge Assessment 1 of 1 Short answer research questions Criteria Unit code, name, and release number CPPREP4005 - Prepare to work with real estate trust accounts (1) Qualification/Course code, name, and release number CPP41419 - Certificate IV in Real Estate Practice (1) 901-00022V01 Statement of Attainment in Real Estate Practice (Assistant Agent) Student name – Student number - Date –
Version: 3_200422 Date created: 30/10/2019 Date modified: 27 May 2020 For queries, please contact: Technology and Business SkillsPoint Location: Ultimo © 2020 TAFE NSW, Sydney RTO Provider Number 90003 | CRICOS Provider Code: 00591E This assessment can be found in the: Learning Bank The contents in this document is copyright © TAFE NSW 2020, and should not be reproduced without the permission of the TAFE NSW. Information contained in this document is correct at time of printing: 22 April 2020. For current information please refer to our website or your teacher as appropriate. Document title: CPPREP4005_AE_Kn_1of1_LMS Page 30 of 31 Resource ID: TBS_19_001_CPPREP4005_AE_Kn_1of1_LMS STUDENT NAME:
Assessment instructions Table 1 Assessment instructions Assessment details Instructions Assessment overview The objective of this assessment is to assess your knowledge required to work with real estate trust accounts within established agency controls. Assessment Event number 1 of 1 Instructions for this assessment This is a knowledge based assessment that will assess your knowledge of the unit. This assessment includes: 16 x short answer research questions Appendix 1 - Accounting documents for Azure Beach Realty Group Assessment feedback Submission instructions On completion of this assessment, you are required to submit it online. Ensure you have added your name at the bottom of each page of this assessment. It is important that you keep a copy of all assessments submitted to TAFE NSW and complete the online assessment declaration when submitting the assessment. What do I need to do to achieve a satisfactory result? To achieve a competent result for this assessment you must complete all tasks at a satisfactory level. What do I need to provide? Computer with internet access. Assessment conditions This is an unsupervised assessment. What assessor must provide? Electronic copy of this assessment task. Due date/time allowed This assessment may take approximately up to six hours to complete. The due date will be informed by your local delivery point. Refer to the Unit Assessment Guide (UAG) or Training Plan. Supervision This is an unsupervised assessment. Your teacher/assessor may ask for additional evidence to verify the authenticity of your submission and confirm that the assessment task was completed by you. Assessment feedback, review or appeals Your teacher/assessor will provide feedback no later than 10 days after all assessment activities have been conducted and you will be requested to acknowledge the outcome. If you would like to request a review of your results or if you have any concerns about your results, contact your teacher/assessor or Head Teacher. You have three weeks from the date you receive your results in which to make an appeal and request a review. Document title: CPPREP4005_AE_Kn_1of1_LMS Page 30 of 31 Resource ID: TBS_19_001_CPPREP4005_AE_Kn_1of1_LMS STUDENT NAME:
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Assessment details Instructions You will receive a response within ten days of the receipt of the request. Appeals are addressed in accordance with Every Students Guide to Assessment. Document title: CPPREP4005_AE_Kn_1of1_LMS Page 30 of 31 Resource ID: TBS_19_001_CPPREP4005_AE_Kn_1of1_LMS STUDENT NAME:
Part 1: Short answers Read the question carefully. 1. Examine the Property and Stock Agents Act 2002 (NSW) and list the number and name of 10 sections of the Act that apply to trust accounting. (220-250 words) 85 Interpretation 86 Trust money to be paid into trust account 87 Approval of authorised deposit-taking institutions 88 Trust money not available to pay licensee’s debts 89 Licensee to notify trust account becoming overdrawn 90 Internet earned on trust accounts to be paid to Statutory Internet Account 91 Monthly returns by authorised deposit-taking institutions 92 Overdrawn trust accounts 93 Dishonoured cheques 94 Annual certification by auditor 2. Examine the  Property and Stock Agents Regulation 2014 (NSW)   and list the number and name of 10 clauses that apply to trust accounting.  (150 - 170 words) 21 . Additional requirements for strata managing agents 22 . Computer systems control 23 . Receipts for trust money 24 . Payment of trust money by cheque or electronic funds transfer 25 . Trust deposits 26 . Record of trust account transactions 27 . Journal 28 . Trust account ledger 29 . Trust account ledger trial balance 30 . Furnishing of particulars of trust account or transactions 31. (Repealed) 3. (a) Explain the purpose of trust accounts in real estate operations. Address the following areas in your explanation: What is a trust account? (20-30 words) A trust account is a financial account that holds funds on behalf of the client or a third party. Why must we have separate accounts for property sales and property management? (20-30 words) Managing separate accounts makes it easier to correctly meet different tax obligations. Also, it is so they do not mix them up, property sales account holds deposits and property management acoount holds rental money and bonds. Why can we not put that money in our general account? (30-50words) Because it is money that you are handling on behalf of someone else, such as rental payments or bond payment unlike non-trust money where it is paid directly to you. Document title: CPPREP4005_AE_Kn_1of1_LMS Page 30 of 31 Resource ID: TBS_19_001_CPPREP4005_AE_Kn_1of1_LMS STUDENT NAME:
(b) What is the difference between sales trust money, property management trust money and general business trading money? Provide two examples for each type of trust money to support your analysis. (150 - 200 words) Sales trust money is all the money held on behalf of vendors and buyers such as deposits and money received in advance for property marketing. Property management trust money is money held on behalf of the landlord such as security deposit, any expenses paid in advance and rent. Genral business trust money is money held such as salaries, office supplies and commission paid to employees. 4. Different Australian states and territories have different rules and regulations when it comes to trust accounts. What are the rules when a licensee opens a bank account with an approved financial institution in NSW? (100 - 150 words) - Licensees need to notify the aiuthorised deposit-taking institution in writing that the account is a ‘trust account’. - If the trust account is held by a corporation, the account must be in the name of the corporation. - The name of the licensee, firm or corporation needs to appear as a prefix of the account name, foolowed by any other necessary identifier of the trust account. - The words ‘trust account’ must also appear in the name of the trust account and all cheques drawn on the trust account. 5. According to the Property and Stock Agents Regulation 2014 (NSW) , licensees can keep manual or computerised trust accounts. (a) Analyse and list two records of trust account transactions that must be kept by a licensee. (150 - 200 words) Licensee must maintain regular bank reconciliation statements that reconcile the trust account ledger with the corresponding bank statements. This process involves comparing the entries in the ledger with the transactions recorded by the bank, identifying any discrepancies, and ensuring that the ending balance in the ledger matches the banks balance and money coming and going. A licensee is required to maintain a log of all daily payments and receipts for money coming into and going out of their trust account. The document should resemble a cash book with sequentially numbered pages that display the following information on their corresponding pages: (a) the order in which the receipts were issued or canceled, and (b) the sequence in which the checks were drawn or canceled, and (c) the sequential reference numbers or other methods of transfer identification in the event that monies were received or disbursed via electronic funds transfer. The licensee shall record the information required by subsection 24(3) for a check and by clause 24(5) for an electronic funds transfer in the record whenever monies are sent out of the trust account. The licensee shall balance the cash book or other record at the end of each designated month and do the following: (a) The licensee is required to provide a statement at the conclusion of each designated month that compares the amount of the licensee's trust account to the balance of the relevant cash book or other record. Document title: CPPREP4005_AE_Kn_1of1_LMS Page 30 of 31 Resource ID: TBS_19_001_CPPREP4005_AE_Kn_1of1_LMS STUDENT NAME:
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(b) Identify and explain five essential requirements required by the legislation when operating a computerised trust account. In your answer include a reference to specific sections/clause of the legislation. (80 - 100 words) There is a need for all computarised trust records to comply with the Property and Stock Agent Act 2002 NSW and the Property and Stock Agents Regulations 2014 NSW. - Records must be kept in chronological order - The system cannot allow a ledger to have a debit balance - Reports must be kept in hardcopy in chronological order with each page numbered - Any amendments must be made by separate entry - Reference numbers must be allocated by the system (c) Explain three functions that computerised trust accounting software must be able to perform to maintain trust accounts . (60 - 80 words) Intergrity – when data is retrieved and reported on it must be accurate to ensure it is reliable. A range of practices need to be implemented by the agency to guarantee including spot checking, cross referencing of information, bank reconciliations, end of month reporting and internal audits. Security – all data must be safe from lost, corruption or damage. Agencies need to have in place processes or procedure to protect data including automated off-site backups, levels of access appropriate to staff responsibilities and regular changing of passwords. Privacy and confidentiality – any data collected in the running of the business, for example, client/customer details, financial transactions and correspondence must under the Property and Stock Agents Act 2002 NSW and the Privacy Act 1988 Cth be kept private and confidential. Policies and procedures will drive how this is ensured, for example, storage documentation guidelines/rules, channels of communication to be used, levels of access to data and policies regarding how data is used and shared. 6. Identify the role and responsibilities of the following three staff roles in relation to the trust accounts: (30-80 words) Class 1 – Licensee The licensee in charge oversees all aspects of the business. They have legal responsibility for the trust accounts including: - Arrangement of access levels to trust accounts and related information - Organising the external audit of the trust account - Monitoring the banking and receipting of trust monies. - Internal auditing to ensure trust account procedures and policies are working and being adhered to. - Validation and verification of end of month processes. - Be accountable and attend to any errors and inaccurancies in the trust account in conjunction with relevant managers. - The referral of errors and inaccuracies in the trust account to appropriate agency personnel. - Reporting an overdrawn trust account to NSW Fair Trading. - Authorisation of payments from the trust account. Class 2 – Licensed real estate/strata/stock and station agent A person in this role may perform: - EOM accounting preparation only of rents and expenses to property owners. - Receipting rent, bonds or sale deposits. - Receipting marketing, sales deposits and other sales related fees. Document title: CPPREP4005_AE_Kn_1of1_LMS Page 30 of 31 Resource ID: TBS_19_001_CPPREP4005_AE_Kn_1of1_LMS STUDENT NAME:
- Preparation of vendor statement for settlement. Assistant agent A person in this role has limited access to trust accounts but may: - Collect and record rent - Issue receipting for rent, bonds or sale deposits. 7. (a) Assume that you are employed as a property officer in your agency. Explain your role, responsibilities and limitations in maintaining the trust account. (40 - 60 words) A person in this role supervises other office clerical or admininstrative support staff. Their role with trust accounts will differ as they are determined by their qualifications and the licensee in charge but could include: - Reciepting of trust money - Banking of trust money - Under authorisation of the licensee, making paking payments from the trust account such as settlements and end of month (EOM) rental disbursements . - From the computarised system, producing trial balance reports, completing bank reconcilliations and other EOM reporting. (b) Assume you have now received a promotion to property manager, explain how your responsibilities in relation to the trust account may change in that role. (50 - 70 words) A property managers roles include accounting preperations for EOM only for rents and expenses to property owners and also receipting rent, bonds or sale deposits. A property manager may also prepare vendors statement for settlement, receipting marketing, sales deposits and other sales related fees. Handling trust accounting at the end of each month. • Paying craftspeople for upkeep and repairs • Funds belonging to the landlord are settled in line with the management agency agreement. The bond transfers to the Rental Bond Board Limitations: The licensee in charge or their designee must authorize payments. (c) Under the Property and Stock Agents Act 2002 - Supervision guidelines , list and explain the licensee’s responsibility in regard to trust account transactions. Explain how those responsibilities impact day to day trust account transaction such as settlement or end of month. (50-70 words) Licensees in charge have legal responsibilities for the trust accounts. Some of these responsibiltes can include arranging access levels to trust accounts and related information, organising the external audit of the trust account and monitoring the banking and receipting of trust monies. Procedures for trust accounts, a primary licensee who hires a supervising licensee is required to prepare and maintain a document that clearly identifies each licensee in charge and the trust account(s) for which they are responsible to ensure that each trust account maintained in accordance with Part 7 of the Act by the principal licensee, in Document title: CPPREP4005_AE_Kn_1of1_LMS Page 30 of 31 Resource ID: TBS_19_001_CPPREP4005_AE_Kn_1of1_LMS STUDENT NAME:
connection with their business as a licensee, has only one licensee in charge who is responsible for and able to authorise withdrawal of money from that account. Written procedures for the examination of trust accounts and day-to-day or next-day banking practices concerning the receiving of trust funds must be created and kept up to date by the principal licensee. The documented methods must guarantee that information on the appropriate licensee in charge and trust account has been recorded for each trust account, and that there is only one licensee in charge per trust account who may approve the withdrawal of trust funds from that account. Transactions take place at least once per month on the calendar. Using the records of the pertinent financial institution as source documentation, the amounts transferred into and taken out of the trust account have been confirmed. Each user with access to the trust account system has a unique login, and they keep their passwords confidential. Any modifications displayed in a reconciliation at the end of the month can be justified with proof. In compliance with the Regulation, procedures exist for acquiring and recording a licensee's express consent to withdraw trust funds. The money from sales and rentals is deposited into the relevant trust accounts. additionally. Unless the landlord instructs differently, rent due under a residential lease agreement is paid to the landlord at the end of each calendar month (minus any authorized expenditures). The licensee in charge is required to keep a record of every monetary transaction that, at the very least, consists of the quantity of cash received, the identity of the recipient of the money from the payer, the identity of the individual responsible for organizing the money' daily banking, the specifics of the trust account and the name of the person who put the funds in trust at the financial institution. What steps the licensee needs to take in case the trust account is overdrawn. 8. Part 7, section 92 of the Property and Stock Agents Act 2002 (NSW) sets out the requirements for overdrawn trust accounts. Explain what actions the licensee must take if the trust account become overdrawn. (50 - 70 words) A licensee has a responsibility to notify NSW Fair Trading if the trust account becomes overdrawn. This must happen within five days of becoming aware of the situation. Information to be provided includes: - The name and number of the account - The amount by which the account is overdrawn - The reason for the account becoming overdrawn 9. Using the NSW Fair Trading website , explain the purpose of internal and external audits of trust accounts. (100-170 words) Internal audit – to ensure compliance and to make sure ther are not any discreoancies, an internal audit should be carried at every two months. This is to make sure that procedures that are in place are being followed. The audit should be carried out by a senior staff member such as the sales manager, office anager or senier property manager. During this audit, they will check all transactions in both trust accounts, including all the receipts, payments, from the cash book to ledger to trial balance and finally the bank reconciliation statements. These are randomly picked and checked. External audit – all trust accounts in NSW must be audited by a qualified auditor once a year. It is a legislative requirements under the Property and Stock Agents Act 2002 to ensure that the trust account has been handled and maintained properly. Anyone who collects and holds money on behalf of a client must keep the clients money in a trust Document title: CPPREP4005_AE_Kn_1of1_LMS Page 30 of 31 Resource ID: TBS_19_001_CPPREP4005_AE_Kn_1of1_LMS STUDENT NAME:
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account. And as such, the trust account must be audited once a year to make sure that there are no discrepancies and it has been maintained properly. 10. Explain the license-in-charge legislative responsibilities, under the Property and Stock Agent Act 2002 (NSW) , regarding trust account audits. (100-170 words) Licensees are required to hold a copy of their trust account audit (whether qualified or not) at their registered place of business, for at least three years, and make it available to Fair Trading inspectors for examination if required. Other obligation and responsibilities that real estate personnel must follow include: - Verifying all incoming and outgoing trust transactions with financial institution records. - Preparing and maintaining documents that identifies the licensee in charge and the accounts for which they are responsible. - Review all trust transactions conducted at least once a month. - Must maintain records as set out in the act and regulations. Within three months of the audit period, which ends on June 30 of each year, the licensee is required to have the trust account audited. The audit report needs to be retained at the registered office for three years. a. Limit computer program access to specific staff members only; b. Individual passwords for each employee c. Spot check transactions and reports related to trust accounts for correctness and compliance with legal requirements at irregular intervals. d. Confirm, sign, and date EOM reports. e. Being aware of how the computer system functions f. Preserving authority over the EFT and checkbooks g. Preserve reports in chronological sequence for auditing purposes. h. Written policies outlining staff responsibilities for the trust account, from money reception to bank reconciliation, must be in place. i. Make that an audit occurs and a report is submitted to the Office of Fair Trading within the agreed-upon audit period or within 14 days of the audit taking place, preferably by September 30. j. Offsite backup data is stored in a secure location. 11. (a) Explain the implications for the real estate agency where: i. inaccuracies occur in the operation of the trust account and ii. fraud occurs in the operation of the trust account (40 - 50 words) Document title: CPPREP4005_AE_Kn_1of1_LMS Page 30 of 31 Resource ID: TBS_19_001_CPPREP4005_AE_Kn_1of1_LMS STUDENT NAME:
- Trust funds used to pay for agency expenses. This should never occur as it is illegal and will be seen as committing fraud - Mistakes such as wrong accounts debited or credited, data entered incorrectly - Discrepancies between the records and the bank statement - Unexplained adjustments in the bank reconciliation - Monetary differences between receipts and payments and bank statement - Corrupt or lost data - Errors that take considerable time to trace and rectify - Bank statement and account balances do not reconcile (b) Explain the implications for clients, if there are inaccuracies in the operations of the trust account that may result in late payment(s). (40 - 50 words) Fraud and inaccurancies can have an impact on clients whose funds are held in trust. Due to this, payments are not being provided by the trust account to be released on time. (c) Explain the implications for clients, if the agency is found to have committed trust account fraud. (40 - 50 words) Committing a trust account fraud will result in being guilty of an individual offence and liable to impersonment for a term of up to 10 years. A maximum penalty of $22,000 will apply for unlicensed trading by a corporation and $11,000 for an individual. 12. Locate the accounting documents for Azure Beach Realty Group contained in Appendix 1 of this assessment and answer the following questions in relation to the end of month processing, as required by legislation in NSW: a) List all records that relate to the trust account. (5 -10 words) Item 1 - Cheque received from Agency clients Richard and Gina Waterstreet. Item 2- Receipt issued to Richard and Gina Waterstreet. Item 3 - Receipt issued for cash received from Thomas Fishburne Item 4 - Bank deposit form Item 5 - Trust Ledger entries for clients Richard and Gina Waterstreet as at 31 October, 20XX. Item 6 - Bank Statement for Azure Beach Realty Group Trust Account as at 31 October, 20XX. b) Review the receipts issued to clients of the Agency for monies received. Explain the requirements for issuing of receipts and how these receipts will be recorded in the trust account records. (50 - 60 words) The receipts need certain information that include the payers name, date, amount received and any other information that may relevant. It needs to be numbered so they can be easily tracked and and entered in the trust account ledger, reconciliation of the trust account so that these receipts are the same and sum up with the disbursement. c) A tax invoice for stationery has been issued by Harry’s Stationery which is not yet paid. How will the payment of the invoice be recorded in the accounting records of Azure Beach Realty Group? (40 – 60 words) Office expenses are not recorded in the trust accounting records because it is not a trust account record, however they are recorded or dealt with in the business accounting records. Document title: CPPREP4005_AE_Kn_1of1_LMS Page 30 of 31 Resource ID: TBS_19_001_CPPREP4005_AE_Kn_1of1_LMS STUDENT NAME:
d) Explain the purpose of the Bank deposit form and Bank Statement and why these documents are needed for the monthly processing of the trust account. (100 - 120 words) 54 The purpose of the bank deposit form and bank statement is to shows all the money that comes in and out. The purpose of each document is to record the money that has been coming into the agency and the bank. These documents are needed in order to do the bank reconciliation every month. (b) the following particulars are entered in the book or record- (i) the date of the deposit, (ii)  the amount of the deposit, (iii)  whether the deposit consists of cheques, notes or coins, (iv)  if cheques are included in the deposit— (A)  the name of the drawer, and (B)  the name and branch of the authorised deposit-taking institution on which the cheque is drawn, and (C)  the amount of each cheque, e) Review the Trust Account ledger for Richard and Gina Waterstreet. Explain the entries in the ledger and identify which accounting documents relate to the entries. Give reasons for your answer. (150 - 180 words) Recording the receipt of five hundred dollars from Richard and Gina Waterstreet into the trust account. The reason for this is because the receipt states that the amount of five hundred dollars was received from Richard and Gina Waterstreet which indicates an inflow into the trust account. In this acse, the receipt itself serves as the accounting document for these entries. According to the records, $500 was received from the clients on October 23, 2019, as payment for disbursements. Lions & Cats' Receipt No. 0148 and the bank deposit document displaying a $500 check that was deposited that same day serve as proof of this transaction. The funds were received as indicated on the bank deposit form by check. A $120.00 check made out to Seaside Council (check number 113), drawn from the trust account, is received on October 28, 2019. The trust payments journal will include a record of this transaction. According to the scenario, the bank statement for the trust account on October 30 shows Cheque No. 113, which indicates that the account has been debited for that amount. 13. ( a) Errors or inaccuracies can compromise the accuracy and integrity of the trust account. Outline four major causes of errors or inaccuracies that can occur in the trust account and explain how each should be addressed to correct the issue. (120 - 140 words) - Entering the transaction into the wrong clients ledger, use a journal to transfer the transaction to the correct clients ledger. - Having unqualified or inexperienced personnel dealing with trust accounts, all software providers offer training. Provide mentoring to inexperienced personnel. - Unexplained transactions, deposits or payments. Deposits made into the trust account by clients without names or identification on the bank statement. Check tenants in arrears and contact them to find out whether they have paid their rent. Deposits and payments, under the Act, require a reason for the transaction. Document title: CPPREP4005_AE_Kn_1of1_LMS Page 30 of 31 Resource ID: TBS_19_001_CPPREP4005_AE_Kn_1of1_LMS STUDENT NAME:
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- Unexplained adjustments in the bank reconciliation. These will attract the attention of an auditor so any adjustments should have a reason and detailed information. Correct as soon as possible. (b) Describe two other occurrences that can lead to the trust account being compromised. (50 - 60 words) - Not backing up daily. Trust accounts should be backed up and a copy kept offsite possibly in the cloud for example. In the event of a natural disaster like a fire or flood can lead to lost data. - Not reconciling weekly or daily in most cases. Mistakes are harder to find and correct if left too long 14. Refer to the following scenario and answer questions (a) and (b) below. (a) The following list of transactions have been extracted from the books of the Azure Beach Realty Group. 56-57 Review each transaction and determine who has the scope of responsibility for each transaction then complete the table. Transaction Actions required By whom A tenant comes into the office to pays this week’s rent of $400 in cash (list three) - Issue a receipt - Collect the money - Deposit the money into the bank trust account Support staff or assistant agent A purchaser pays 10% of $40,000 deposit for the purchase of a property via EFPOS (list two) - Check the bank account - Issue a receipt Sales agent A payment of $500 made to a tradesperson for repairs to a rental property (list two) - Check if the landlord has enough money in the trust account - Get approval from landlord to pay the trade if there isn’t enough - Record the payment in the ledger Property manager A payment of $2,000 received in cash for a rental bond (list three) - Collect the bond - Issue a reciept - Lodge it with the rental Property manager Document title: CPPREP4005_AE_Kn_1of1_LMS Page 30 of 31 Resource ID: TBS_19_001_CPPREP4005_AE_Kn_1of1_LMS STUDENT NAME: Azure Beach Realty Group was established to provide a real estate service in Azure Beach and surrounding areas. Its operations include residential property management and sales, as well as a small portfolio of commercial and industrial properties. Their team of experienced property professionals have in-depth and up-to-date understanding of the local apartment/house sales and rental market. Look at the team and their roles on the Azure Beach Realty Group Staff page .
bond board An EFPOS payment of $120 received from a tenant for water usage for the full period (list two) - Check the account if the money has been received - Issue a receipt for the tenant - Update the landlord ledger Property manager (b) Azure Beach Realty Group maintains its trust accounts using a computerised trust accounting software package. The licensee wants to ensure the integrity, security, privacy and confidentiality of trust account information is maintained. 33 Complete this table and explain what measures the licensee can put into place to achieve this. Table 1: Trust Account Information Integrity Security Privacy and confidentiality Measures that can be put in place - Carry out periodic checks on the work of employee's - Carry out monthly trial balances and bank reconciliations - Maintain control over cheque books and receipt books - Understanding and operating the computer system - Carry out internal audits - Carry out yearly external audits. - Create organisational policy against sharing passwords - Set up at an Authorised deposit institution - Have individual passwords for each employee and restrict access to what the - Employee is legally allowed to do - Back up off-site every night if using a computerised trust account system - Measures to address security are also relevant here. The organisational policy is required to ensure trust account information is kept confidential, and information is not shared or disclosed unless authorised. - The licensee must keep records confidential under the Property and Stock Agents Regulations 2014 (NSW) and the fiduciary duties. The Privacy Act 1988 (Cth) has the same requirement of confidentiality. 15. Explain the requirements of each of the following standard trust account transactions. 39- 55 Transaction Requirements Cash, cheque, Electronic Funds Transfer and direct deposits (100-110 words) Each transaction must contain the following information: - date of issue - the number of the receipt, which must be in Document title: CPPREP4005_AE_Kn_1of1_LMS Page 30 of 31 Resource ID: TBS_19_001_CPPREP4005_AE_Kn_1of1_LMS STUDENT NAME:
numerical sequence - the name of the licensee and the words, ‘trust account’ - the name of the person from whom the monies were received from - the name and trust ledger account reference number - what the amount received was for - the amount of money received Cheque and Electronic Funds Transfer and withdrawals (100-110 words) Withdrawals from the trsut account must be documented and receipts with dates and amounts to maintain and support the documents for each withdrawals and payment confirmation. Withdrawals need to be ensured that they are only made for legitimate trust account expenses or dispursments like the payments to the landlord, vendors or property maintenance. Entries to journals and ledgers (300-350 words) Every transaction is documented in detail from the source papers in journals, or cash books. Two journals make up the cash book: one for cash receipts and the other for cash payments. The cash book's pages all need to have sequential numbers. The monthly reconciliation statement is prepared and the trust account ledger is updated with the help of the journals. They have to include enough details in them so that the trust ledger can be updated with accurate transaction information. Cash receipts, cash payments, and cash transfers are the three journals that you typically need to keep track of trust account activities. Cash receipts diary: Every penny received each day must be documented in a trust account cash receipts notebook. This has to contain the: • The amount received; the mode of payment (cash, check, or electronic fund transfer); the name of the recipient; the receipt number; the date the receipt was written out and, if different, the date the trust money was received • information identifying the ledger account that has to be credited; • the name, reference number, or other identifying information of the person on whose behalf the money was received; • a clear explanation of the reason for the money's receipt. Journal of cash payments: A cash payments diary must be updated with each day's withdrawals from the account. When making a check payment, this has to contain the: • The check's date, serial number, and amount • the recipient's name, if a check is paid payable to an authorized financial institution; otherwise, details of the account in the trust ledger to which the check is to be debited, the name of the institution or BSB and the beneficiary of the payment, the name of the person receiving the benefit of the payment, the person's name and reference number or other identifying information, and the purpose for which the check was Document title: CPPREP4005_AE_Kn_1of1_LMS Page 30 of 31 Resource ID: TBS_19_001_CPPREP4005_AE_Kn_1of1_LMS STUDENT NAME:
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drawn. This has to contain the following information for payments made by EFT: the transfer's date, reference number, and amount of the transfer. Balances and reconciliations (100-120 words) To ensure that all recorded transactions are accurate and complete, regularly reconcile the trust account ledger with the matching bank statements. Make sure they match by comparing the trust account ledger's ending balance to the bank statement's finishing balance. You must complete and keep a trust account reconciliation statement at the end of each month. This statement: • ascertains the balance of the trust journals • reconciles the balance of your trust cash journals and trust bank account • reconciles the balances of the accounts of your trust ledger with the balance of your trust cash journal. The principal agent or officer in effective control must verify the reconciliation statement as true and accurate within 14 days of the end of each month. Reconciliation statement Clause 26 of the Regulation requires that the licensee must, at the end of each named month, prepare a statement reconciling the balance of the licensee’s trust account with the balance of the related cash book or other record. Reports and statements (140-150 words) Produce and disseminate reports and statements as mandated by law or contractual duties to pertinent parties, including the client, stakeholders, and regulatory agencies. A thorough rundown of all trust account activity, including balance opening and closure, withdrawals from deposits, outstanding checks, and any changes made during the reporting period, should be included in reports. Trust account ledger trial balance: 1) A licensee should prepare a trial balance statement of all ledger accounts current as of the end of each specified month, no later than 21 days thereafter. (2) The trial balance statement has to include the following information: (a) the month it pertains to and the date it was prepared; (b) a list of all ledger accounts that do not have a zero balance at the end of the month, together with the name of the person the agent is acting on their behalf. The account's balance at the end of each month, along with the reference number or other identification; (c) display the total ledger account balances at the end of the month; and (d) demonstrate a comparison between that total and the cash book balance that has been reconciled with the trust account balance, as required by clause 26 (6). Section 29 of the Rules. 16. Explain trust account requirements when receiving, receipting and banking trust monies. (Between 350 and 370 words) nsw legislation 22 part 4 trust money Document title: CPPREP4005_AE_Kn_1of1_LMS Page 30 of 31 Resource ID: TBS_19_001_CPPREP4005_AE_Kn_1of1_LMS STUDENT NAME:
When receiving trust monies, trustees must clearly communicate to clients the process for depositing funds into the trust account, including account details and any required documentation. The trust monies should be deposited into the trust account promptly upon receipt, ideally on the same day, to minimise the risk of misappropriation or loss. The trustee must maintain detailed records of all trust monies received, including the source of funds, amount, date received, and the purpose of the transaction. When receipting trust monies, the receipts should accurately reflect the details of the transaction, including the amount received, data, purpose, and the payment method. The receipts should be authorised by a representative of the trustee, such as an attorney or financial officer to ensure their validity. Copies of the receipts should be retained as part of the trust account records to provide evidence of the transaction and acknowledgment of the receipt by the trustee. When banking trust monies, the trust monies must be kept separate from the trustees own funds and other non-trust funds, typically in a designated trust account. The trust accounts are usually held in reputable financial institutions that offer security measures such as financial claims schemes to protect against loss. The trustees must reconcile trust account balances with bank statements regularly to detect any discrepancies or unauthorised transactions. Trust accounts should comply with applicable laws and regulations governing trust accounting such as the Property and Stock Agents Act 2002, including requirements for record-keeping, reporting, and fiduciary responsibilities. section 23 of Reg - Upon receiving money for any person or on their behalf, a licensee is required to promptly prepare or arrange for the preparation of a receipt in compliance with this section. Section 86 of the Act states that: (1) Any money received by a licensee in connection with the licensee's business on behalf of or on behalf of any person: (a) Is to be held solely for that individual by the licensee or, in the event that the licensee works for a business, by the corporation, and (b) Must be given to the individual or distributed as instructed by the individual, and (c) Must be deposited and held in a trust account (general or separate) at a New South Wales authorized deposit-taking institution, as approved by the Secretary for the purposes of this Part, until such time as it is paid or distributed. (2) In the event that a corporation holds the license, the licensee or the licensee's licensee firm's name should be included on the trust account; otherwise, the licensee's name shall be listed. (3) The name and description of a trust account in the licensee's books and records, as well as on any checks written on the trust account: Document title: CPPREP4005_AE_Kn_1of1_LMS Page 30 of 31 Resource ID: TBS_19_001_CPPREP4005_AE_Kn_1of1_LMS STUDENT NAME:
(a) Need to state who owns the trust account—the licensed corporation, licensee, or group of licensees—and (a) "Trust Account" must be mentioned, and (c) The account name may have a name or other identifying information at the end to indicate who the money in the account is held for. (4) In order to comply with this section, the licensee in question must make sure that the authorized deposit-taking institution is informed in writing that the account is a trust account as required by this Act when creating a trust account at the institution. Within 14 days of the trust account opening, the licensee must serve a copy of the notice on the Secretary, in a format that has been authorized by the Secretary. (5) A licensee closing a trust account is required to notify the Secretary in writing within 14 days of the closure. The notification must be sent in a format that the Secretary has authorized. (6) The following situations are not covered by subsections (4) and (5): (a) A distinct trust account maintained for the sole benefit of a licensee's client, as directed by the licensee's client, or (b) An independent trust account established by a licensee for the sole advantage of the land buyer and seller. Clause 18 of Regulation: When a licensee gets trust funds, they have to deposit them into their trust account. (a) If possible, by the end of the following banking day after the day of receipt; or (b) As soon as possible after that day if it is not feasible. Document title: CPPREP4005_AE_Kn_1of1_LMS Page 30 of 31 Resource ID: TBS_19_001_CPPREP4005_AE_Kn_1of1_LMS STUDENT NAME:
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Appendix 1: Accounting documents Azure Beach Realty Group Item 1: Cheque received from Agency clients Richard and Gina Waterstreet. Cheque from GWaterstreet.pdf Document title: CPPREP4005_AE_Kn_1of1_LMS Page 30 of 31 Resource ID: TBS_19_001_CPPREP4005_AE_Kn_1of1_LMS STUDENT NAME:
Item 2: Receipt issued to Richard and Gina Waterstreet . ABRG sales receipt.pdf Document title: CPPREP4005_AE_Kn_1of1_LMS Page 30 of 31 Resource ID: TBS_19_001_CPPREP4005_AE_Kn_1of1_LMS STUDENT NAME:
Item 3: Receipt issued for cash received from Thomas Fishburne ABRG cash receipt.jpg Document title: CPPREP4005_AE_Kn_1of1_LMS Page 30 of 31 Resource ID: TBS_19_001_CPPREP4005_AE_Kn_1of1_LMS STUDENT NAME:
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Item 4: Bank deposit form ABRG bank deposit form.jpg Document title: CPPREP4005_AE_Kn_1of1_LMS Page 30 of 31 Resource ID: TBS_19_001_CPPREP4005_AE_Kn_1of1_LMS STUDENT NAME:
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Item 5: Trust Ledger entries for clients Richard and Gina Waterstreet as at 31 October, 20XX. ABRG trust ledger - R&G Waterstreet.jpg Document title: CPPREP4005_AE_Kn_1of1_LMS Page 30 of 31 Resource ID: TBS_19_001_CPPREP4005_AE_Kn_1of1_LMS STUDENT NAME:
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Item 6: Bank Statement for Azure Beach Realty Group Trust Account as at 31 October, 20XX. ABRG bank statement.jpg Document title: CPPREP4005_AE_Kn_1of1_LMS Page 30 of 31 Resource ID: TBS_19_001_CPPREP4005_AE_Kn_1of1_LMS STUDENT NAME:
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Item 7: Tax Invoice for Office Stationery issued to Azure Beach Realty Group. Harry’s stationery invoice.jpg Document title: CPPREP4005_AE_Kn_1of1_LMS Page 30 of 31 Resource ID: TBS_19_001_CPPREP4005_AE_Kn_1of1_LMS STUDENT NAME:
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Assessment Feedback NOTE: Your assessor will give you feedback manually or via the online learning platform. For manual feedback, this section must have the assessor’s signature and the student’s signature. Additional evidence for verification of assessments Additional questions asked by assessor Assessors may ask additional questions to clarify student understanding. List here any additional questions that were asked. Student responses to additional questions Record the student responses to any additional questions that were asked. Document title: CPPREP4005_AE_Kn_1of1_LMS Page 30 of 31 Resource ID: TBS_19_001_CPPREP4005_AE_Kn_1of1_LMS STUDENT NAME:
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Assessment outcome ☐ Satisfactory ☐ Unsatisfactory Assessor Feedback ☐ Has the Assessment Declaration on page 1 of the assessment been signed and dated by the student? ☐ Are you assured that the evidence presented for assessment is the student’s own work? ☐ Was the assessment event successfully completed? ☐ If no, was the resubmission/re-assessment successfully completed? ☐ Was reasonable adjustment in place for this assessment event? If yes, ensure it is detailed on the assessment document. Comments: Assessor name, signature and date: Student acknowledgement of assessment outcome Would you like to make any comments about this assessment? Student name, signature and date NOTE: Make sure you have added your name at the bottom of each page of your submission before attaching the cover sheet and submitting to your assessor for marking. Document title: CPPREP4005_AE_Kn_1of1_LMS Page 30 of 31 Resource ID: TBS_19_001_CPPREP4005_AE_Kn_1of1_LMS STUDENT NAME:
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e Degree X M Chegg Expert Registration: Accou X Zoho Creator - Chegg Expert Hir X experthiring.cheggindia.com/#Form:Subject_test?User_Name%=3709413000267626765&Number=D1 B * * S : negg Expert Hiring Shobha joshi Following is information pertaining to an investment made in an equipment by Sunset Incorporation. Using the given information calculate the payback period of the investment. Round the answer to 2 decimal places. erms and Conditions Valk-Through Video Dashboard Initial Investment $210,000 Useful life 10 years Salvage Value Annual net income generated Cost of Capital $25,000 $18.900 11% a. 9 years b. 5.16 years c. 5.61 years d. 11.11 years A Answer B.
paads ssaan neready.frameworkhomeownership.org/Student/MyCourse.aspx?id%3Dfbd93f8d-8ac9-466a-ac3f-28d560154a88 4. Finding the Right Home DFinding the Right Home indi Caps Lock is on Question 4 of 8 When you have an exclusive contract with a real estate agent, you can Select the best answer. still work with other agents, as long as you disclose that you're doing it O work with only the seller's broker for 30 days Owork with only buyer's brokers Be Ho O work with only that agent 3 TOPICS o search 77'E R
E Chapter 5 Homework - FINANCIA X O NWP Assessment Player UI Appli X b Answered: The accountant of Lati x M Inbox - dhyani11141999@gmail. X b My Questions | bartleby + i assessment.education.wiley.com/was/ui/v2/assessment-player/index.html?launchld=1d52287e-dfd8-4d2a-80c9-4cbf51a01297#/question/5 E Chapter 5 Homework Question 6 of 6 > -/ 1 View Policies Current Attempt in Progress The comparative balance sheets of Constantine Cavamanlis Inc. at the beginning and the end of the year 2020 are as follows. CONSTANTINE CAVAMANLIS INC. BALANCE SHEETS Dec. 31, 2020 Jan. 1, 2020 Inc./Dec. Assets Cash $ 45,000 $ 13,000 $32,000 Inc. Accounts receivable 91,000 88,000 3,000 Inc. Equipment 39,000 22,000 17,000 Inc. Less: Accumulated Depreciation-Equipment 17,000 11,000 6,000 Inc. Total $158,000 $112,000 Liabilities and Stockholders' Equity, Accounts payable $ 20,000 $ 15,000 5,000 Inc. Common stock 100,000 80,000 20,000 Inc. Retained earnings 38,000 17,000 21,000 Inc. Total $158,000 $112,000 Net…
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us.wvu.edu/webapps/assessment/take/launch.jsp?course_assessment_id=_349525_1&course_id=_172235_1&content_id= 91004 Musketeers worldhiston H Blackboard M WVU Gmail a Discord Complete History... m HBO Max N Netflix A ALEKS- Musketeers Excel Email am and sieges v Question Completion Status: Florist Grump, Inc., had beginning retained earnings of $137,000. During the year, Florist Grump had net income of $63,000 and declared and paid dividends of $18,000. What will be shown for ending retained earnings on Florist Grump's year-end balance sheet? QUESTION 9 For the year ended December 31, Year 2 For the year ended December 31, Year 1 Revenues $ 7,500 $ 500 Expenses 1,500 Net Income December 31, Year 2 December 31, Year 1 Assets $ 16,500 $ 1,000 500 Liabilities Stock 300 300 Retained Earnings 1.$ 200 Assume Year1 is the company's first year of business and there were $100 dividends in Year 1 and $100 dividends in Year 2. After determining the missing amounts ($ Earnings 1.$ in the above…
M Question 2-Chapte ps//ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flms.mheducation.com%252F... A 09 Homework i k t nces Bw 1 here to search Activity Supervision Equipment depreciation and lease. Miscellaneous supplies AREBALLS Heidt Cleaning Services (HCS) is a local custodial service company serving both the residential and commercial markets. The owner is considering dropping the commercial clients because that business seems only marginally profitable. Twenty-five employees worked a total of 45,300 hours last year, 30,200 on commercial jobs and 15,100 on residential jobs. Wages were $20 per hour for all work done. Any materials used are included in overhead as supplies. All overhead is allocated on the basis of labor-hours worked, which is also the basis for customer charges. Given current economic conditions and competition, HCS bills residential clients $40 per hour and commercial clients $30 per hour. Total overhead a.…
education.wiley.com/was/ui/v2/assessment-player/index.html?launchid=81efd2b2-d564-4eeb-b011-67c54ee7e2bb#/question/16 Ch12 Homework Question 17 of 20 > 0/1 View Policies Show Attempt History Current Attempt in Progress X Your answer is incorrect. Elkins and Landry are partners who share income and losses in the ratio of 3:2, respectively. On August 31, their capital balances were: Elkins, $149000 and Landry, $116000. On that date, they agree to admit Neumark as a partner with a one-third capital interest. If Neumark invests $98000 in the partnership, what is Landry's capital balance after Neumark's admittance? O $121000 O $104800 O $116000 O $106800 eTextbook and Media Attempte: 1 of 2uced VO 10:27 !!
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Mid-term Exam #1 A NWP Assessment Player UI Appl x O https://checkout.wileyplus.com/c x https://education.wiley.com/was/ui/v2/assessment-player/index.html?launchld%3Dd441ed84-3feb-4052-ac9a-950d7f7545c3#/question/2 #1 ר Question 3 of 5 -/5 Current Attempt in Progress Blossom Games Inc. adjusts its accounts annually. The following information is available for the year ended December 31, 2022. 1. Purchased a 1-year insurance policy on June 1 for $ 2,196 cash. 2. Paid $7,930 on August 31 for 5 months' rent in advance. On September 4, received $ 4,392 cash in advance froma corporation to sponsor a game each month for a total of 9 months 3. for the most improved students at a local school. Signed a contract for cleaning services starting December 1 for $ 1,220 per month. Paid for the first 2 months on November 4. 30. (Hint: Use the account Prepaid Cleaning to record prepayments.) On December 5, received $ 1,830 in advance from a gaming club. Determined that on December 31,$ 590 of these…
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w- 202106070805337561 Qv Search in Document Home Insert Draw Design Layout References Mailings Review View + Share a Calibri (Body) 11 A- A- Aa AaBbCcDc AaBbCcDdE AaBb AaBbCcDdEE AaBbCcDdEe AaBbCcDdEe Paste I U v abe X, x² A A Styles Pane Sensitivity Normal No Spacing Heading 1 Heading 2 Title Subtitle Orthodox School ESTIMATED PROFIT AND LOSS ACCOUNT (INCOME STATEMENT) FOR KARACHI TRADERS LTD $ Revenue (5000 units @ $3.00) 15000 Cost of goods sold (@ $1.00 per unit) Gross profit 5000 10000 Overhead expenses 4000 Operating profit (profit before tax and interest) 6000 Finance costs (interest) 2000 Profit before tax 4000 Corporation tax @ 20% Profit for the year 800 3200 Dividends paid 1200 Retained profit 2000 Profit and loss account for Karachi Traders Ltd for the year ending 31 December 2014 20 marks, 40 minutes 1. By amending this profit and loss account (income statement), calculate the new level of retained profits if the following changes actually occurred: • each unit was sold…
Class Specifi + CLA Annotated B WileyPLL X WOMEN EM THE LIVED E https://edugen.wileyplus.com/edugen/student/mainfr.uni I Log C WileyPLUS: MyWileyPLUS I Help | Contact Us INTERMED. ACCOUNTING (ACC 3110/312 Kieso, Intermediate Accounting, 16e actice Downloadable eTextbook Assignment Gradebook ORION gnment NEXT BACK PRINTER VERSION FULL SCREEN CALCULATOR Exercise 17-10 At December 31, 2017, the available-for-sale debt portfolio for Sheffield, Inc. is as follows. Unrealized Gain (Loss) Fair Value Security Cost $(11,375 ) $68,250 $79,625 A 6,825 63,700 56,875 B 11,375 116,025 104,650 C $247,975 6,825 $241,150 Total 1,820 Previous fair value adjustment balance-Dr. $5,005 Fair value adjustment-Dr. On January 20, 2018, Sheffield, Inc. sold security A for $68,705. The sale proceeds are net of brokerage fees. Sheffield Inc. reports net income in 2017 of $546,000 and in 2018 of $637,000. Unrealized holding gains and gains equal $182,000 in 2018. Prepare a statement of comprehensive income for…
Edit View History Bookmarks People Tab Window Help N Academic Tools :: Northern Virgi X 63% Mon 12:07 PM weCS Virginia Community College Syst X N CHAPTER 08 HW NOVA learn.vccs.edu/courses/240149/assignments/4704240?module_item_id=17254910 https://checkout.wileyplus.com/ X des View Policies rse Evaluations Current Attempt in Progress A Policies Cullumber Co. has the following transactions related to notes receivable during the last 2 months of the year. The company does not make entries to accrue interest except at December 31. r.com: 24/7 On- Tutoring Nov. 1 Loaned $53,400 cash to C. Bohr on a 12-month, 9% note. ary Resources Dec. 11 Sold goods to K. R. Pine, Inc., receiving a $5,400, 90-day, 8% note. 16 Received a $9,600, 180-day, 8% note to settle an open account from A. Murdock. 31 Accrued interest revenue on all notes receivable. Journalize the transactions for Cullumber Co. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered.…
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mp?attempt=1764992&cmid%3875183&page=D12 الم صيرة بلحه u io a https://alternativet 4 SQUCOFFEE - Goog. B BCOM2911-Busines.. O Sultan Caboos Univ. O Trading Platfom ACADEMIC) E-LEARNING SERVICES SQU LIBRARIES SQU PORTAL ATTENDANCE lanagerial Accounting - Spring21 e / My courses / ACCT2121 yasserg Spring21/ Midterm Exam One / Midterm Exam One stion The adjustment of overapplied manufacturing overhead cost results in all the following, EXCEPT: O a. decrease in net operating income. ed O b. increase in net operating income. out of Oc. decrease in cost of goods sold O d. none of the given answers stion XYZ Company had the following information for the year: red Direct materials used OMR 110,000 dout of Direct labor incurred (5,000 hours) OMR 150,000 Actual manufacturing overhead incurred OMR 166,000 on The Company used a predetermined overhead rate of OMR 30 per direct labor hour for the year. Assume the only inventc an ending Work in Process Inventory balance of OMR 17,000. What was cost…
Required: Record the payment that Mookie The Beagle Concierge receives from Sandy Copper in payment for services provided Remy. 1. Create Receive Payment. a. From the Navigation Bar, select Projects > Sandy Copper: Remy b. From the Add to project menu, select Receive payment c. Select Payment Date: 01/23/2023 d. Select Payment Method: Check e. Select Deposit to: 1600 Undeposited Funds f. Select Invoice Number 1002 g. After selecting the Invoice, what is the Amount Received displayed? Note: Answer this question in the table shown below. Round your answer 2 decimal places. h. Select Save and close Amount received $ 2. View the Transaction Journal for Receive Payment. a. From the Navigation Bar, select Sales > All Sales tab b. From the Sales Transactions List, select the Sandy Copper: Remy payment just entered c. From the bottom of Receive Payment, select More > Transaction Journal d. What are the Account and Amount Debited? Debit Credit 20.00 Note: Answer this question in the table shown…
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My Questions | bartleby b + Camden County College References Chapter 3 Quiz Ha X //camdenccinstructure.com/courses/3788/assignments/35967?module item id=88693 Next> Send to Gradebook < Prev Submitted to Gradebook, Fri, Oct 4, 2019, 9:34:35 AM (America/New York -04:00) Question 19 -/1 View Policies Current Attempt in Progress A process with no beginning work in process, completed and transferred out 85200 units during a period and had 50100 units in the ending work in process inventory that were 20% complete. The equivalent units of production for the period for conversion costs were: O 95220 equivalent units. O 135300 equivalent units. O 70200 equivalent units. O 85200 equivalent units. eTextbook and Media Attempts: 0 of 1 used Submit Answer Save for Later 11:21 AM 10/4/2019 hp ins prt sc 12 end 11 home f10 delete fg f8 f5 f4 II & num backspace 6 5 lock } { P T U Y home + 96
G me Insert Design Layout References Management Accounitng-1 Student Activity-Word 6 Mailings Review View Tell me what you want to do... Sign in Shan bri (Body) -11AA Aa E-E-S-3811 Iu・axxx ・ツ・A・ミョ AA = Find- AaBbCcDc AaBbCcDc AaBbC AaBbCcl Replace ·田 1 Normal No Spac... Heading 1 Heading 2 Select- Font Paragraph 2 Styles GI Editing Assignment Problem Anand Kalaimani Al Harthi SAOG located in Muscat Sultanate of Oman involved in manufacturing of Drugs and Pharmaceutical Industry from 1981 to till now. The SAOG Company has provided the following information for the months of September, October, November and December 2023. Month Sales Material Wages Postage Electrical Other September Expense Expense 10,000 6,000 350 1,200 1,000 5,000 October 12,500 7,500 550 2,400 2,000 6,000 November 13,600 8,200 850 3,600 3,000 5,500 December 19,400 9,000 950 4,800 4,000 3,200 Additional information: a) Cash Balance on 1/10/2023 is RO X000000 b) Sales 25 per cent is for Cash in the same month. 50 per…
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