Fiduciary Accounting
Fiduciaries need to properly account for an estate or trust, which can be a complex undertaking. It is governed by the rules of the applicable will or trust agreement, as well as the guidelines stated in the Uniform Principal and Income Act. In the Fiduciary Accounting
course, we discuss the nature of income and principal, as well as the many rules for allocating receipts and disbursements to them. The course also addresses the rules governing transfers between income and principal, the total return concept, the handling of administration charges, fiduciary accounting schedules, and much more.
Format
PDF Course
Level
Overview
Duration
1.5 Hours
Course Information
Author: Steven Bragg
Course Number: AC1133
Learning Objectives
- Recognize the different types of trusts.
- Describe the different schedules that may be included in a fiduciary accounting.
- Cite the rule involving possible substitutes for a fiduciary accounting.
- Specify the calculation for net income in an estate or trust.
- Describe the situations in which the carrying value of an asset can be reset.
- Recognize the differing allocation treatments for periodic and non-periodic receipts.
- Specify the situations in which one may validly make a transfer between income and principal.
- Recognize which expenses are specifically chargeable to income and to principal.
Level: Overview
Instructional Method: QAS Self-Study
NASBA Category: Accounting
Prerequisites: None
Advance Preparation: None
Latest Review Date: September 2025
Program Registration Requirements: Click on the Enroll button to pay for and access the course. You will then be able to download the course as a PDF file, then take an on-line examination, and then download a certificate of completion if you pass the examination.
Program Refund Policy: For more information regarding administrative policies concerning complaints, refunds, and other matters, see our policies page.
