CPG Record Keeping 2

Question 1

How long must a guardian typically retain financial records after a guardianship is closed?

Accepted Answer

7 years

Answer

Most jurisdictions require guardians to retain financial records for at least 7 years after guardianship closure to allow for audits or legal review.

Question 2

When a guardian receives cash on behalf of a ward, the best practice is to:

Accepted Answer

Deposit it into the ward's account within 2-3 business days and document the deposit

Answer

Prompt deposit and documentation prevents commingling, establishes a clear audit trail, and protects the guardian from allegations of misappropriation.

Question 3

A guardian's inventory submitted to the court at the start of guardianship should include:

Accepted Answer

All assets, liabilities, and their fair market values as of the guardianship start date

Answer

The opening inventory must capture a complete financial snapshot of the ward's estate at inception, including all assets and known liabilities at current market value.

Question 4

Which document type provides the strongest legal evidence that a guardian obtained court approval before making a major expenditure?

Accepted Answer

A signed court order authorizing the expenditure

Answer

A signed court order is the definitive legal authorization; verbal or informal approvals carry no enforceable weight.

Question 5

A guardian discovers a receipting error where $500 was recorded as $50. The correct corrective action is to:

Accepted Answer

Void the original entry with a dated notation and create a corrected entry

Answer

Proper bookkeeping requires voiding incorrect entries with a clear dated notation and recording a corrected entry to maintain an accurate and transparent audit trail.

(CPG) Certified Professional Guardian Practice Test

(CPG) Certified Professional Guardian Practice Test

CPG Record Keeping 2