Sheridan Course Outlines

Land Acknowledgement

Sheridan College resides on land that has been, and still is, the traditional territory of several Indigenous nations, including the Anishinaabe, the Haudenosaunee Confederacy, the Wendat, and the Mississaugas of the Credit First Nation. We recognize this territory is covered by the Dish with One Spoon treaty and the Two Row Wampum treaty, which emphasize the importance of joint stewardship, peace, and respectful relationships.

As an institution of higher learning Sheridan embraces the critical role that education must play in facilitating real transformational change. We continue our collective efforts to recognize Canada's colonial history and to take steps to meaningful Truth and Reconciliation.

Section I: Administrative Information

Total hours: 42.0
Credit Value: 3.0
Credit Value Notes: N/A
Effective: Spring/Summer 2022
Prerequisites: N/A
Corequisites: N/A
Equivalents: N/A
Pre/Co/Equiv Notes: N/A

Program(s): Paralegal
Program Coordinator(s): Michelle Roy McSpurren
Course Leader or Contact: Pauline Giovannetti
Version: 20220509_00
Status: Approved (APPR)

Section I Notes: N/A

Section II: Course Details

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

Paralegal	Program Coordinator(s): Michelle Roy McSpurren
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.

Course Critical Performance and Learning Outcomes

	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:

Identify basic accounting terminology and concepts, including the accounting equation and debits and credits.
Apply general accounting principles, including financial and record keeping obligations.
Distinguish between a general account and a trust account.
Interpret the Law Society's books and record-keeping requirements.
Identify the obligations related to trust accounts.
Distinguish between accounting journals and accounting ledgers (in accordance with governing by-laws).
Record analyzed transactions.
Creating adjusting entries.
Prepare a trial balance.
Interpret financial statements.
Explain bank reconciliations.
Calculate applicable HST on legal fees.

Evaluation Plan
Students demonstrate their learning in the following ways:

Evaluation Plan: IN-CLASS

	Test #1	25.0%
	Assignment #1	25.0%
	Assignment #2	25.0%
	Test #2	25.0%
	Total	100.0%

Evaluation Notes and Academic Missed Work Procedure:

Test and Assignment Protocol

The following practices are agreed to by the professors and will apply to all courses in the Paralegal program.

1. For assignments and projects, the professor will specify in writing due dates and special instructions at the beginning of the semester.  Late assignments will receive a penalty of 10% per day (including weekends and holidays) up to 5 days.  After the 5th day, students will receive a grade of zero on the assignment.

2. Students must complete every assignment as an individual. 

3. Students must write all tests and quizzes 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 (for example, a medical certificate).  Vacation and work are not acceptable reasons for absence from a test or examination and will not be accommodated.

Provincial Context
The course meets the following Ministry of Colleges and Universities requirements:

Essential Employability Skills
Essential Employability Skills emphasized in the course:

Interpersonal Skills - Show respect for the diverse opinions, values, belief systems, and contributions of others.
Interpersonal Skills - Interact with others in groups or teams in ways that contribute to effective working relationships and the achievement of goals.
Numeracy - Execute mathematical operations accurately.
Personal Skills - Take responsibility for one's own actions, decisions, and consequences.
Communication Skills - Communicate clearly, concisely and correctly in the written, spoken, visual form that fulfills the purpose and meets the needs of the audience.
Communication Skills - Respond to written, spoken, or visual messages in a manner that ensures effective communication.
Critical Thinking & Problem Solving Skills - Use a variety of thinking skills to anticipate and solve problems.
Critical Thinking & Problem Solving - Apply a systematic approach to solve problems.
Information Management Skills - Analyze, evaluate, and apply relevant information from a variety of sources.
Information Management - Locate, select, organize and document information using appropriate technology and information systems.
Personal Skills - Manage the use of time and other resources to complete projects.

Prior Learning Assessment and Recognition
PLAR Contact (if course is PLAR-eligible) - Office of the Registrar

Not Eligible for PLAR

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.
Instruction Mode: In-Class
Professor: Multiple Professors
Resource(s):

	Type	Description
Required	Textbook	Legal Accounting, Jacqueline Asselin, Emond Publishing, 2nd Edition, ISBN 9781772554045, 2019

Applicable student group(s): Paralegal
Course Details:

Module 1: Role of the Law Society of Ontario

Targeted LSO Competencies: 176, 179, 180

Topics:

Requirement for books and records
Forms of business organization
Insurance requirements
Maintaining proper records
Bank accounts in a legal services firm
LSO by-laws

Module 2: Introduction to bookkeeping

Targeted LSO Competencies: 175, 177

Topics:

What is accounting?
Categories of accounts
The accounting equation
The opening balance sheet

Module 3: Maintaining books and records

Targeted LSO Competencies: 175, 177-179, 184, 186

Topics:

Accounting basics
The accounting cycle
Debit and credit entries
Analyzing entries
Recording transactions
General journals

Assessment: Test #1 - (25%)

(Targeted LSO Competencies: 175-180, 184, 186)

Assessment: Assignment #1 (25%)

(Targeted LSO Competencies: 175-180, 182-184, 186)

Module 4: Posting transactions

Targeted LSO Competencies: 175, 177, 178, 184, 186

Topics:

Posting from the general journal to the general ledger
Preparing trial balances

Module 5: Financial statements

Targeted LSO Competencies: 175, 177, 178, 187

Topics:

Income Statements
Statement of Owner's Equity
Balance Sheet

Module 6: Special journals

Targeted LSO Competencies: 175, 177, 178, 180-184

Topics:

Billing
Disbursements and expense recovery
Recording and posting entries in special journals
Client ledgers
LSO by-laws

Module 7: Trust accounting

Targeted LSO Competencies: 175, 177-184, 189

Topics:

General accounts vs trust accounts
Trust journals and ledgers
Client ledgers
Handling of cash
The Valuable Property Records
LSO by-laws

Assessment: Assignment #2 - (25%)

(Targeted LSO Competencies: 175, 177-184, 187)

Module 8: Administrative accounting

Targeted LSO Competencies: 175, 177-180, 184-186,188, 189

Topics:

Adjusting entries
Adjusted trial balances
Bank reconciliations
Goods and services tax
Income tax considerations (record-keeping and types of expenses)
LSO by-laws

Assessment: Test #2 (cumulative) (25%)

(Targeted LSO competencies: 175-185, 187-189)

Sheridan Policies

It is recommended that students read the following policies in relation to course outlines:

Academic Integrity
Copyright
Intellectual Property
Respectful Behaviour
Accessible Learning

All Sheridan policies can be viewed on the Sheridan policy website.

Appropriate use of generative Artificial Intelligence tools: In alignment with Sheridan's Academic Integrity Policy, students should consult with their professors and/or refer to evaluation instructions regarding the appropriate use, or prohibition, of generative Artificial Intelligence (AI) tools for coursework. Turnitin AI detection software may be used by faculty members to screen assignment submissions or exams for unauthorized use of artificial intelligence.

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. 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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