A Separate Trust Account May Be Opened for a Client

question 28

Multiple Choice

A separate trust account may be opened for a client

• A)if there are many transactions from the trust account
• B)if there is a lot of money deposited into the trust account
• C)for convenience
• D)all of the above
• E)none of the above

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Definitions:

Balance Sheet

A financial statement that summarizes a company's assets, liabilities, and shareholders' equity at a specific point in time.

Voting Stock

Shares that give the holder the right to vote on company matters, such as electing the board of directors.