Fiduciary Accountings Quiz

What is the balancing equation for accountings in fiduciary accountings?

• total Charges (income received) - Total credits (disbursements)

• Total credits (disbursements) - total Charges (income received)

• total Charges (income received) + Total credits (disbursements)

• Total assets at the beginning - Total liabilities at the end

When does an accounting begin in the context of fiduciary accountings?

• On the date of the conservatee's death

• On the date of appointment with the "inventory and appraisal"

• After the first month of receiving income

• At the end of the fiscal year

What is included in Schedule A of fiduciary accountings?

• Assets at the beginning

• Receipts

• Gains on Sales

• Disbursements

What does Schedule D of fiduciary accountings represent?

• Losses on Sales

• Assets at the beginning

• Fair Market value at beginning and end

• Liabilities, such as mortgage on house

What is the Carry Value in the context of fiduciary accountings?

• The market value at the time of Fiduciary appointment

• The total value of dividends and reinvested dividends

• The sum of all assets at the end of the accounting period

• The total amount of principal paid out from securities

Which software is mentioned in the image as a tool for recordkeeping?

• Microsoft Excel

• Quickbooks/Quicken

• Adobe Reader

• TurboTax

What should a reviewer check regarding the accounting balances?

• If the accounting includes all Schedules expected

• If the accounting starts with the right numbers

• If there are any issues with Ending Assets

• If the accounting passes the "scratch & sniff" test

According to the document, what is one of the things to review in accounting to ensure there are no issues with disbursements?

• Initial impressions

• Questionable gains/losses

• Receipts

• Assets that could be liquidated

What is a concern that should be reviewed regarding assets in the context of accounting?

• If there are any assets that could be liquidated to support Conservatee/Beneficiary/Trustor

• If the accounting includes all Schedules expected

• If there are any issues with Receipts

• If the accounting starts with the right numbers