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CPPDSM4006A Manage Agency Trust Accounts

CPPDSM4006A Manage Agency Trust Accounts

Part A – Knowledge Based Assessment

Multiple Choice Questions

For each of the following, select the most appropriate alternative.

Note: Clearly circle or mark your answer.

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.

Answer: d

a) in the event that a cheque is received that comprises both “trust monies” and “non-trust monies” the licensee must take the following action:

b) Pay the cheque into the office “General Account” and transfer the Trust Money to the Trust Account as soon as practicable

c) Pay the cheque into the office “General Account” and transfer the Trust Money to the Trust Account within 14 days

c) Pay the cheque into the Trust account and transfer the non-trust money to the General Account as soon as the money becomes available

d) Either (a) or (c)

Answer: d

a) Trust money held on behalf of a person is available to:

b) Be held by the licensee in a trust account bank account

c) Be held exclusively for the person

d) Paid or disbursed to that person or the person nominated by them

e) To pay licensee’s creditors

(a), (b) and (c)

Answer: e

a) The licensee must ensure that a back up copy of all computerised records:

b) Is not kept at the licensees business address or office address

c) Is conducted at least every month

d) Is kept in a fireproof safe

e) Is kept in such a manner that any incident cannot affect the records

(a), (b) and (d)

Answer: e

a) Within 21 days after the end of each month the licensee must:

b) Balance the Trust Cash book for the previous month

c) Complete a Trial Balance for the previous month

d) Reconcile the Trust Cash Book to the Trust Bank Statement

Answer: b

a) The licensee must ensure that if a computer system is used to retain trust records that:

b) The computer programme cannot delete a ledger account unless the account balance is zero
c) A record of the deleted ledger account is retained in visible form

d) A back-up must be made at least monthly
e) Transactions cannot be reversed, amendments must be made by entering a separate transaction to rectify errors

f) (a) and (d) only
g) (a) to (d)

Answer: f

a) Trust Monies must be banked:
b) Immediately to the Trust account on the same day as receipt
c) Before the end of the week into the trust account
d) In person at the bank
e) By the end of the next business day after receipt
f) All of the above

Answer: d

a) Trust Records must be kept:

b) In visible form
c) At the Licensee’s registered office
d) By computer
e) All of the above

Answer: d

a) Licensees must ensure that they:
b) Properly supervise the business carried on by the licensee

c) Establish procedures ensuring compliance with the Act
d) Keep trust account documents and records for at least 3 years
e) Keep trust account documents and records for at least 5 years
f) (a), (b), and (c)
g) (a), (b), and (d)

Answer: e

a) A trust account receipt issued in respect of moneys received must show the following information (in addition to other information):
b) The name of the licensee
c) The licence number of the licensee
d) The date the receipt was issued

d) The words “Trust Account”
e) The amount of money received in figures only
f) (a), (c), and (d)
g) (b), (c), and (e)

Answer: g

All cancelled receipts and cheques must be recorded in the cash book and ledger.
a) True
b) False

Answer: b (Cheque book)




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