Fiduciary Accountings

What is the basic balancing equation for accountings as described in the image?

• Total Charges = Total Credits

• Total Assets = Total Liabilities

• Total Income Received = Total Disbursements

• Total Credits = Total Debits

What is included in the "inventory and appraisal" at the beginning of an accounting?

• Assets on date of appointment

• Liabilities on date of appointment

• Net income from a trade or business

• Cash Reconciliation

What should be done with the prior accounting if there is one?

• It should be ignored

• It should be included in the new accounting

• It should be discarded

• It should be revised

What is the "Carry Value" as defined in the image?

• The market value at the time of Fiduciary appointment

• The value of an item at any given time

• The cost of item when purchased

• The net income from a trade or business

What does "Market Value" refer to?

• The market value at the time of Fiduciary appointment

• The value of an item at any given time

• The cost of item when purchased

• The net income from a trade or business

What is the "Cost Basis" of an item?

• The market value at the time of Fiduciary appointment

• The value of an item at any given time

• The cost of item when purchased

• The net income from a trade or business

Which of the following is not listed as a more complex transaction or matter in the document?

• Dividends & reinvested dividends

• Stock splits

• Accounting for principal paid out from securities

• Bond maturity

What should be separated in all transactions when accounting for Trusts?

• Assets and liabilities

• Income and principal

• Credits and debits

• Short-term and long-term investments

According to the document, what is done after the death of a conservatee?

• Final accounting done at date of death, then supplemental accounting later

• Transfer of assets to beneficiaries

• Immediate distribution of the estate

• Assessment of conservatee's liabilities

What is a reviewer looking for in an accounting to make sure everything is okay regarding the accounting balance?

• If the accounting includes all Schedules you'd expect to see

• If there are any issues with disbursements

• If the accounting starts with the right numbers (carry values and market values)

• If there are any assets that could be liquidated to support