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Detailed Description
Paralegals are required by the Law Society of Upper Canada to
maintain proper books and records and to comply with reporting
obligations. Failure to do so may result in suspension of a
paralegal's licence to provide legal services to the public.
Students learn the basic principles of accounting in the context of
running a paralegal business. Students also learn how to manage
client funds in a paralegal practice using general and trust
accounts. Through interactive lectures, demonstrations, class
discussions and in-class exercises, students learn how to implement
and maintain the required procedures, books and records.
Program Context
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| Paralegal |
Program Coordinator: Netta Romano |
This is a required course in
the Paralegal. This course
builds on skills and
knowledge gained in the
Ethics course. Skills
developed in this course are
used for business purposes
and also for professional
practice management.
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Course Critical Performance and Learning Outcomes
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Critical Performance
By the end of this course, students will have demonstrated the
ability to apply the principles of accounting to maintain proper
books and records in accordance with the standards established by the
Law Society of Upper Canada for paralegals.
Learning Outcomes
To achieve the critical performance, students will have demonstrated
the ability to:
1. Define basic accounting terminology, including debits and
credits.
2. Identify where different financial information should be
recorded.
3. Create a balance sheet.
4. Complete an income statement to determine the net income or
loss for a stated period of time.
5. Prepare financial statements.
6. Define basic legal accounting terminology, including
retainers, fees and disbursements.
7. Explain the importance of proper record-keeping in a
paralegal practice.
8. Distinguish between the purpose of the general account and
that of the trust account in a paralegal practice.
9. Record transactions in a general journal and a general ledger.
10. Record transactions in a trust receipts journal and a trust
disbursements journal.
11. Record transactions to the clients' trust ledger.
12. Create a trust comparison, supported by a trust bank
reconciliation and a clients' trust listing.
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Evaluation Plan
Students demonstrate their learning in the following ways:
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Online quizzes (homework) 15%
Post-class quizzes (homework) 15%
Test #1 (In-class Week 8) 20%
Assignment #1 12%
Assignment #2 13%
Test #2 (In-class Week 14) 25%
______
Total 100%
Academic Procedure
The following practices are agreed to by the professors and will
apply to all courses in Paralegal.
1. For assignments and projects, the professor will specify in
writing due dates and special instructions at the beginning of the
semester.
2. Students must complete every assignment as an individual effort
unless the professor specifies otherwise.
3. Students must write all tests at the scheduled time. A make-up
test may be provided for students who provide an acceptable
explanation of their absence and/or acceptable documentation
explaining their absence(i.e. medical certificate).
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Provincial Context
The course meets the following Ministry of Training, Colleges and Universities requirements:
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Essential Employability
Skills
Essential Employability Skills emphasized in the course:
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Communication
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X
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Critical Thinking & Problem Solving
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Interpersonal
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X
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Numeracy |
X
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Information
Management |
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Personal
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Notes: N/A
Prior Learning Assessment and Recognition
PLAR Contact (if course is PLAR-eligible) : Office of the Registrar
Students may apply to receive credit by demonstrating achievement of the course learning outcomes through previous relevant work/life experience, service, self-study and training on the job. This course is eligible for challenge through the following method(s):
| Challenge Exam |
Portfolio |
Interview |
Other |
Not Eligible for PLAR |
| X |
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Notes: N/A
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Some details of this outline may change as a result of circumstances such as weather cancellations, College and student activities, and class timetabling.
Effective term: Winter 2012
Professor: Patricia Knight
Textbook(s): Joffe, Neville Key Accounting Principles volume 1, 3rd edition, AME
Learning
Knight, Patricia, Ethics and Professional Practice for Paralegals,
Emond-Montgomery Publications, 2009.
Additional materials: On-line quizzes and tutorials, instructor
handouts
Applicable student group(s): Paralegal
Course Details:Week 1
Learning outcomes: 1, 2, 3, 4
Introduction/Chapter 1 Financial statements - personal accounting
Homework:
Read Chapter 1, 2
Tutorials (Chapters 1 and 2)
Quizzes 1, 2
Chapter 1 Quiz, Chapter 2 Quiz
Week 2
Learning outcomes: 1, 2, 3, 4
Chapter 2 and exercises (in-class) Accruals - personal accounting
Homework:
After-class homework Chapters 1 and 2
Read Chapter 3 (pages 62-67)
Read Chapter 4
Tutorials (Chapter 4)
Chapter 4 Quiz
Week 3
Learning outcomes: 1, 2, 3, 4
Chapters 3 Business accounting/GAAP and 4
Exercises (in class)
Homework:
After-class homework Chapter 4
Read Chapter 5
Tutorials (Chapter 5)
Chapter 5 Quiz
Week 4
Learning outcomes: 1, 2, 3, 4, 5
Chapter 5 Business accounting cycle
Exercises (in class)
Homework:
After-class homework Chapter 5
Read Chapter 6
Tutorials (Chapter 6)
Chapter 6 Quiz
Week 5
Learning outcomes: 1, 2, 3, 4, 5
Chapter 6 Business accounting cycle
Exercises (in class)
Homework:
After-class homework Chapter 6
Week 6
Learning outcomes: 1, 2, 3, 4, 5
Business accounting cycle
Exercises (in class)
Week 7
Review
Week 8
Test #1 (20%) Joffe Chapters 1 to 6
Week 9
Targeted learning outcomes: 6, 7, 8
Paralegal Bookkeeping - Introduction
Why keep books and records?
Bank accounts in a paralegal practice
General account
Trust account
Types of trust accounts
Trust receipts and disbursements
General receipts and disbursements
Hand out Assignment #1 (12%) DUE IN Week 10
Week 10
Targeted learning outcomes: 9, 10, 11, 12
Paralegal record-keeping
General requirements
Books and records for the general account
Books and records for the trust account
Trust bank reconciliation
Assignment #1 DUE
Week 11
Targeted learning outcomes: 9, 10, 11, 12
Paralegal record-keeping
Hand out Assignment #2 (13%) DUE in Week 12
Week 12
Targeted learning outcomes: 9, 10, 11, 12
Paralegal record-keeping continued
Assignment #2 DUE
Week 13
Review
Week 14
Test #2 (25%) Material in Weeks 9 to 13
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Sheridan Policies
All Sheridan policies can be viewed on the Sheridan policy website.
Academic Integrity: The principle of academic integrity requires that all work submitted for evaluation and course credit be the original, unassisted work of the student. Cheating or plagiarism including borrowing, copying, purchasing or collaborating on work, except for group projects arranged and approved by the professor, or otherwise submitting work that is not the student's own, violates this principle and will not be tolerated. Students who have any questions regarding whether or not specific circumstances involve a breach of academic integrity are advised to review the Academic Integrity Policy and procedure and/or discuss them with the professor.
Copyright: A majority of the course lectures and materials provided in class and posted in SLATE are protected by copyright. Use of these materials must comply with the Acceptable Use Policy, Use of Copyright Protected Work Policy and Student Code of Conduct. Students may use, copy and share these materials for learning and/or research purposes provided that the use complies with fair dealing or an exception in the Copyright Act. Permission from the rights holder would be necessary otherwise. Please note that it is prohibited to reproduce and/or post a work that is not your own on third-party commercial websites including but not limited to Course Hero or OneNote. It is also prohibited to reproduce and/or post a work that is not your own or your own work with the intent to assist others in cheating on third-party commercial websites including but not limited to Course Hero or OneNote.
Intellectual Property: Sheridan's Intellectual Property Policy generally applies such that students own their own work. Please be advised that students working with external research and/or industry collaborators may be asked to sign agreements that waive or modify their IP rights. Please refer to Sheridan's IP Policy and Procedure.
Respectful Behaviour: Sheridan is committed to provide a learning environment that supports academic achievement by respecting the dignity, self-esteem and fair treatment of every person engaged in the learning process. Behaviour which is inconsistent with this principle will not be tolerated. Details of Sheridan's policy on Harassment and Discrimination, Academic Integrity and other academic policies are available on the Sheridan policy website.
Accessible Learning: Accessible Learning coordinates academic accommodations for students with disabilities. For more information or to register, please see the Accessible Learning website (Statement added September 2016)
Course Outline Changes: The information contained in this Course Outline including but not limited to faculty and program information and course description is subject to change without notice. Any changes to course curriculum and/or assessment shall adhere to approved Sheridan protocol. Nothing in this Course Outline should be viewed as a representation, offer and/or warranty. Students are responsible for reading the Important Notice and Disclaimer which applies to Programs and Courses.
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