AL Auctioneer Practice Questions - Alabama Licensed Auctioneer Exam

What does 'reconciliation' of a trust account mean?

Comparing the trust account bank statement with the auctioneer's records to ensure they match Closing the trust account at the end of each auction Transferring all trust funds to the auctioneer's personal account Filing the trust account balance with the Alabama Board of Auctioneers

Correct Answer:

Comparing the trust account bank statement with the auctioneer's records to ensure they match

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