At each month end, which pairs of figures must a Queensland principal agent check against each other for the trust account?
Correct Answer
B) Cash book against the ledger balances, and the bank statement against the cash book
Section 17 of the Agents Financial Administration Regulation 2014 (Qld) requires two reconciliations as at the end of each month: the trust account cash book balance against the trust ledger balances showing each creditor and amount held, and the financial institution's statement balance against the trust account cash book balance.
Why This Is the Correct Answer
These are the two reconciliations section 17 requires as at each month end.
Why the Other Options Are Wrong
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