ACCG20146
Accounting for Paralegals
 
  I: Administrative Information   II: Course Details   III: Topical Outline(s)  Printable Version   Public
 
Section I: Administrative Information
  Credit Value: 3.0
Credit Value Notes: N/A
Effective: Winter 2012
Prerequisites: N/A
Corequisites: N/A
Equivalents:
N/A
Pre/Co/Equiv Notes: N/A

Course Name (short): Accounting for Paralegals
School:
Business
Program(s): Paralegal
Program Coordinator(s): Netta Romano
Course Leader or Contact: Patricia Knight
Originator: Cheryl-Anne Shirley
Designate: Cheryl-Anne Shirley
Version:
10.0
Status: Approved - Under Rev (AREV)

Calendar Description
Paralegals are required by law to maintain proper books and records and to comply with reporting obligations. 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.

Typical Instructional Format

Lab
14.0
Lecture
28.0
Total hours: 42.0

Courses may be offered in other formats.

Section I Notes: N/A

 
 
Section II: Course Details

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

 
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.


Course Critical Performance and Learning Outcomes

 
 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. 

Evaluation Plan
Students demonstrate their learning in the following ways:

 
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).
Provincial Context
The course meets the following Ministry of Training, Colleges and Universities requirements:

 

Essential Employability Skills
Essential Employability Skills emphasized in the course:

  Communication X Critical Thinking & Problem Solving   Interpersonal
X Numeracy X Information Management   Personal

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        

Notes: N/A

 
 
Section III: Topical Outline
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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