Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

1. Introduction to Accounting

Useful Information

Financial Accounting

1. Introduction to Accounting

Useful Information

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Multiple Choice

Under the topic of 'Useful Information,' what is the maximum amount of personal funds a broker may keep in a trust account?

$1,000

$2,500

$500

$200

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Verified step by step guidance

Understand the concept of a trust account: A trust account is a separate account where funds are held for the benefit of another party, often used in real estate transactions or by brokers to manage client funds.

Review the regulations governing trust accounts: Financial regulations often specify the maximum amount of personal funds a broker can keep in a trust account to prevent commingling of personal and client funds.

Identify the correct limit: According to the problem, the correct answer is $500. This indicates that the maximum amount of personal funds a broker may keep in a trust account is $500.

Compare the options provided: The options given are $1,000, $2,500, $500, and $200. The correct answer aligns with the regulatory limit of $500.

Apply this knowledge to similar scenarios: When managing trust accounts, always ensure compliance with the specified limit to avoid legal or ethical violations.