1 identify the reasons you would use a trust account when, Ask an Expert

Accounting

1. Identify the reasons you would use a trust account when receiving trust money from customers and clients.

2. Explain how trust account receipts are issued for trust money received by way of cheque, credit card or electronic funds transfer.

3. Identify whom the trust account receipt would be paid to if the person paying the money were different from the person on the contract of sale.

4. Explain your responsibility, as an agent, if a cheque deposited into a trust account bounces.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91614818

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