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Question 1 of 10
1. Question
In the FINRA Rule 4523 (Assignment of Responsibility for General Ledger Accounts and Identification of Suspense Accounts), what is the time period required for a supervisor to review each general ledger bookkeeping account to determine that is current and accurate?
Correct
A supervisor shall as frequently as is necessary considering the function of the account but, in any event at least monthly review each account to determine that it is current and accurate and that any items that become aged or uncertain as to resolution are promptly identified for research and possible transfer to a suspense account(s).
Incorrect
A supervisor shall as frequently as is necessary considering the function of the account but, in any event at least monthly review each account to determine that it is current and accurate and that any items that become aged or uncertain as to resolution are promptly identified for research and possible transfer to a suspense account(s).
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Question 2 of 10
2. Question
In the FINRA Rule 4523 (Assignment of Responsibility for General Ledger Accounts and Identification of Suspense Accounts), each general ledger bookkeeping account should be reviewed by a supervisor on monthly basis for which of the following purposes?
Correct
A supervisor shall as frequently as is necessary considering the function of the account but, in any event at least monthly review each account to determine that it is current and accurate and that any items that become aged or uncertain as to resolution are promptly identified for research and possible transfer to a suspense account(s).
Incorrect
A supervisor shall as frequently as is necessary considering the function of the account but, in any event at least monthly review each account to determine that it is current and accurate and that any items that become aged or uncertain as to resolution are promptly identified for research and possible transfer to a suspense account(s).
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Question 3 of 10
3. Question
In the FINRA Rule 4523 (Assignment of Responsibility for General Ledger Accounts and Identification of Suspense Accounts), what type of record should be maintained by each carrying or clearing member for each general ledger bookkeeping account?
Correct
Each carrying or clearing member shall maintain a record of the names of the associated persons assigned primary and supervisory responsibility for each general ledger bookkeeping account.
Incorrect
Each carrying or clearing member shall maintain a record of the names of the associated persons assigned primary and supervisory responsibility for each general ledger bookkeeping account.
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Question 4 of 10
4. Question
In the FINRA Rule 4523 (Assignment of Responsibility for General Ledger Accounts and Identification of Suspense Accounts), what is the time limit for the preservation of all records related to the names of associated persons assigned primary and supervisory responsibility for each general ledger bookkeeping account?
Correct
All records related to the names of associated persons assigned primary and supervisory responsibility for each general ledger bookkeeping account should be preserved for a period of not less than six years.
Incorrect
All records related to the names of associated persons assigned primary and supervisory responsibility for each general ledger bookkeeping account should be preserved for a period of not less than six years.
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Question 5 of 10
5. Question
In the FINRA Rule 4523 (Assignment of Responsibility for General Ledger Accounts and Identification of Suspense Accounts), each member must record, its money charges or credits and receipts or deliveries of securities whose ultimate disposition is pending determination to which of the following account?
Correct
Each member must record its money charges or credits and receipts or deliveries of securities whose ultimate disposition is pending determination in an account that shall be clearly identified as a suspense account.
Incorrect
Each member must record its money charges or credits and receipts or deliveries of securities whose ultimate disposition is pending determination in an account that shall be clearly identified as a suspense account.
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Question 6 of 10
6. Question
In the FINRA Rule 4523 (Assignment of Responsibility for General Ledger Accounts and Identification of Suspense Accounts), which type of information is recorded by each member in an account that shall be clearly identified as a suspense account?
Correct
Each member must record its money charges or credits and receipts or deliveries of securities whose ultimate disposition is pending determination in an account that shall be clearly identified as a suspense account.
Incorrect
Each member must record its money charges or credits and receipts or deliveries of securities whose ultimate disposition is pending determination in an account that shall be clearly identified as a suspense account.
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Question 7 of 10
7. Question
In the FINRA Rule 4523 (Assignment of Responsibility for General Ledger Accounts and Identification of Suspense Accounts), what information is used to separate and prominent suspense account that maintained for money charges or credits and receipts or deliveries of securities whose ultimate disposition is pending determination?
Correct
The word “suspense” is used that made a prominent part of the account title to separate suspense account that maintained for money charges or credits and receipts or deliveries of securities whose ultimate disposition is pending determination.
Incorrect
The word “suspense” is used that made a prominent part of the account title to separate suspense account that maintained for money charges or credits and receipts or deliveries of securities whose ultimate disposition is pending determination.
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Question 8 of 10
8. Question
In the FINRA Rule 4523 (Assignment of Responsibility for General Ledger Accounts and Identification of Suspense Accounts), what is the time limit for the preservation of Each member record in terms of its money charges or credits and receipts or deliveries of securities whose ultimate disposition is pending determination in an account that shall be clearly identified as a suspense account?
Correct
Each member record in terms of its money charges or credits and receipts or deliveries of securities whose ultimate disposition is pending determination in an account that shall be clearly identified as a suspense account shall be preserved for a period of not less than six years.
Incorrect
Each member record in terms of its money charges or credits and receipts or deliveries of securities whose ultimate disposition is pending determination in an account that shall be clearly identified as a suspense account shall be preserved for a period of not less than six years.
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Question 9 of 10
9. Question
In the FINRA Rule 4523 (Assignment of Responsibility for General Ledger Accounts and Identification of Suspense Accounts), who can assign primary and supervisory responsibility for each account, subject to applicable registration requirements?
Correct
Each member with only one associated person may assign primary and supervisory responsibility for each account to that associated person, subject to applicable registration requirements.
Incorrect
Each member with only one associated person may assign primary and supervisory responsibility for each account to that associated person, subject to applicable registration requirements.
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Question 10 of 10
10. Question
In the FINRA Rule 4523 (Assignment of Responsibility for General Ledger Accounts and Identification of Suspense Accounts), which type of responsibilities for each account may be assigned by each member with only one associated person, subject to applicable registration requirements?
Correct
Each member with only one associated person may assign primary and supervisory responsibility for each account to that associated person, subject to applicable registration requirements.
Incorrect
Each member with only one associated person may assign primary and supervisory responsibility for each account to that associated person, subject to applicable registration requirements.