Course Name (short): Accounting for Paralegals
School: Business
Program(s): Paralegal
Program Coordinator(s): Netta Romano
Course Leader or Contact: Patricia Knight
Originator: Sabrina Lakhani
Designate: Sabrina Lakhani
Version: 11.0
Status: Approved (APPR)

Calendar Description
Students apply accounting principles in the context of a paralegal practice. Students create books and records for every step in the accounting cycle.

Typical Instructional Format

Courses may be offered in other formats.

Section I Notes: Online resources are used extensively in this course. To take this course, students will need reliable access to the Internet.

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

 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.  

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).

Joffe, Neville (2011) Key Accounting Principles, volume 1 (3rd ed.). 
Toronto, Ontario: AME Learning Inc 


Additional materials: On-line quizzes and tutorials, instructor 
handouts

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)