Trust fund overages or shortages are serious violations of the law, which can result in loss of license, even if the discrepancy is caught and corrected. Which statement is correct regarding trust fund liability?

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21-06-2022
Business

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Trust fund overages or shortages are serious violations of the law, which can result in loss of license, even if the discrepancy is caught and corrected. Which statement is correct regarding trust fund liability?

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ayfat23 ayfat23 · Answer 1 · 2022-07-04T18:11:10+02:00

The statement that is correct regarding trust fund liability is A trust fund overage occurs if the trust account balance is greater than the total liability of the account.

What is violations of the law?

violations of the law of the act of going against the law that guides some certain discipline which was seen in the Trust fund overages or shortages.

Trust fund shortages are usually as a result of the disbursements to a beneficiary in excess of funds that is been gotten from account of that beneficiary.

However, it can as well be as a result of trust account balance is greater than the total liability of the account.

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