Ch 5: Trust Accounting

About This Chapter

Studying for a test that covers the basics of trust accounting is simple using this chapter. Explore entertaining lessons that can help you better understand this form of accounting, and take quizzes accompanying the lessons to test your knowledge before the day of your test.

Trust Accounting - Chapter Summary

Expert instructors in this chapter's bite-sized lessons ensure you have a comprehensive understanding of trust accounting. Get reacquainted with various trust accounting procedures and regulations. In no time, you will be ready and able to do the following:

  • Identify types of trust accounts and explain how they are taxed
  • Detail the role accountants play in estate and trust accounting
  • Explain the process of applying accounting theory to trusts
  • List and describe the three-step trust account reconciliation process
  • Describe the steps involved in preparing a charge and discharge statement
  • Share the purpose and examples of Interest on Lawyers Trust Accounts (IOLTA)

Ensure your studying process aligns with your personal schedule and study needs by reviewing any lessons in this chapter anytime you desire. Mobile access lets you view the lessons using any smartphone or tablet with an Internet connection. If you need to clarify details presented in the lessons, don't hesitate to submit questions to our experts. When ready, check your knowledge of trust accounting by taking multiple-choice quizzes and a practice exam.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
Not Taken
Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken

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