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: Multiple PLA Contacts
Students may apply to receive credit by demonstrating achievement
of the course learning outcomes through previous life and work experiences.
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
Academic Honesty
The principle of academic honesty 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 faculty member, or otherwise submitting work that is not
the student's own violates this principle and will not be tolerated. Instances of academic dishonesty, including
assisting another student to cheat, will be penalized as detailed in the Student Handbook.
Students who have any questions regarding whether or not specific circumstances involve a breach of academic
honesty are advised to discuss them with the faculty member prior to submitting the assignment in question.
Discrimination and Harassment
Sheridan is committed to provide a learning environment that respects 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 are available in the Student Handbook.
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