Detailed Description
Students apply accounting principles in the context of a paralegal
practice. Students create books and records for every step in the
accounting cycle. Students analyze transactions involving various
types of funds, the general account and the trust account and
implement procedures for compliance with their professional and
ethical obligations.
Program Context
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Paralegal |
Program Coordinator: Netta Romano |
This is a required course in
the Paralegal program. Skills
developed in this course are
used for business purposes and
also for compliance with a
licensed paralegal's ethical
and professional obligations.
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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 create proper books and records in accordance with the
standards established by the Law and Society of Upper Canada for
paralegals and generally accepted accounting principles.
Learning Outcomes
To achieve the critical performance, students will have demonstrated
the ability to:
1. Apply basic accounting concepts, including debits and
credits.
2. Create a trial balance.
3. Create an adjusted trial balance.
4. Prepare financial statements.
5. Define basic legal accounting terminology, including
retainers, fees and disbursement.
6. Explain the importance of proper record-keeping in a
paralegal practice.
7. Distinguish between the purpose of the general account and
that of the trust account in a paralegal practice.
8. Enter transactions in a general journal and post them to the
general ledger.
9. Enter transactions in a trust journal and post them to the
clients' trust ledger.
10. Create a trust comparison, supported by a trust bank
reconciliation and client's 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: Fall 2014
Professor: Patricia Knight
Textbook(s): Joffe, Neville (2011) Key Accounting Principles, volume 1 (3rd ed.).
Toronto, Ontario: AME Learning Inc
Additional materials: On-line quizzes and tutorials, instructor
handouts
Applicable student group(s): Paralegal
Course Details:Module 1
Learning outcomes: 1
Topics:
Course Format
Financial statements - personal accounting
Reading: Introduction/Chapter 1 Homework:
Read Chapters 1, 2
Tutorials (Chapters 1 and 2)
Chapter 1 quiz, Chapter 2 quiz
Homework:
Read Chapter 1, 2
Tutorials (Chapters 1 and 2)
Quizzes 1, 2
Chapter 1 Quiz, Chapter 2 Quiz
Module 2
Learning Outcome: 1
Topics:
Accruals- personal accounting
Reading: Chapter 2
Activities:
Exercises (in class)
Homework:
After-class homework Chapters 1 and 2
Read Chapter 3 (pages 62-67)
Read Chapter 4
Tutorials (Chapter 4)
Chapter 4 Quiz
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
Module 3
Learning outcomes: 1, 2
Topics:
Generally accepted accounting principles
Business accounting
Reading: Chapters 3, 4
Activities:
Exercises (in class)
Homework:
After-class homework Chapter 4
Read Chapter 5
Tutorials (Chapter 5)
Chapter 5 Quiz
Module 4
Learning outcomes: 1, 2, 3
Topics:
Introduction to the Business Accounting Cycle
Reading: Chapter 5
Activities:
Exercises (in class)
Homework:
After-class homework Chapter 5
Read Chapter 6
Tutorials (Chapter 6)
Chapter 6 Quiz
Module 5
Learning outcomes: 1, 2, 3, 4
Topics:
Business Accounting Cycle
Reading: Chapter 6
Activities:
Exercises (in class)
Homework:
After-class homework Chapter 6
Module 6
Learning outcomes: 1, 2, 3, 4
Topics:
Business accounting cycle concluded
Activities:
Exercises (in class)
Module 7
Review (Modules 1 to 6)
Activities:
Exercises (in class)
Test #1 (20%) (Modules 1 to 6) Joffe Chapters 1 to 6
Module 8
Targeted learning outcomes: 6, 7
Topics:
- 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
Assignment #1 (12%) ( Module 8)
Module 9
Targeted learning outcomes: 6, 7, 8, 9
Topics:
- Paralegal record-keeping
- General requirements
- Books and records for the general account
- Books and records for the trust account
- Trust bank reconciliation
Module 10
Targeted learning outcomes: 7, 8, 9, 10
Paralegal record-keeping
Hand out Assignment #2 (13%) (Module 8 to 10)
Module 11
Targeted learning outcomes: 8, 9, 10, 11, 12
Paralegal record-keeping continued
Module 12
Review (Module 8-11)
Test #2 (25%) (Module 8-11)
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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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