Legal Accounting 2nd Edition by Jacqueline Asselin & Keri Nisbet ISBN 1772554049 9781772554045

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ISBN 10: 1772554049 
ISBN 13: 9781772554045
Author: Jacqueline Asselin & Keri Nisbet

Legal Accounting, 3rd Edition continues to be the only resource of its kind focused on making accounting accessible to aspiring paralegals and law clerks. The current edition expands its scope beyond Ontario, providing useful information and relevant examples for legal professionals across the country. The textbook covers important bookkeeping skills, such as journalizing and posting financial transactions, preparing financial statements, and maintaining financial records. It also recognizes changes in the use of accounting software and contains information to allow instructors to teach with the software of their choice. The text offers practical tips, exercises, and excel files to help law clerks and paralegals build confidence in their accounting skills.

Legal Accounting 2nd Table of contents:

Chapter 1: Governance of Lawyers and Paralegals

• Role of the Law Society of Ontario
• Introduction to the legal services firm
• Requirements for books and records in legal firms
• Forms of business organization in legal services firms (Sole Proprietorship, Partnership, Limited Liability Partnership, Multi-Discipline Practice or Affiliation, Professional Corporation)
• Insurance Requirements
• Importance of Maintaining Proper Records
• Retainers
• Bank Accounts in a Legal Services Firm (General Bank Account, Mixed or Pooled Trust Bank Account, Separate Interest-Bearing Trust Account)
• Financial Institutions for Mixed Trust Accounts
• Interest on Trust Accounts

Chapter 2: Accounting Concepts

• What Is Accounting?
• Accounting Standards for Private Enterprises
• Categories of Accounts
• The Accounting Equation
• Preparing an Opening Balance Sheet
• Expanded Accounting Equation
• Classifying Expenses

Chapter 3: Introduction to Bookkeeping

• Fiscal Year
• Accounting Cycle
• Debits and Credits
• Analysis of Transactions using Double-Entry Bookkeeping
• Recording Opening Entries in PCLaw®

Chapter 4: Posting and Trial Balance

• Journalizing transactions (General Journal, Trust Journal, Specialized Journals)
• Posting to the General Ledger and Trust Ledger
• Preparing the Trial Balance

Chapter 5: Preparing Financial Statements

• Income Statement
• Statement of Owner’s Equity
• Balance Sheet

Chapter 6: Client Billing and Special Journals

• Client Billing Procedures
• Sales Journal
• Purchases Journal
• Cash Receipts Journal
• Cash Disbursements Journal

Chapter 7: Trust Accounting

• Principles of Trust Accounting
• Receiving Trust Funds
• Disbursing Trust Funds
• Maintaining Trust Ledgers and Journals
• Bank Reconciliations for Trust Accounts
• Law Society Rules and Regulations regarding Trust Accounts

Chapter 8: Adjusting Accounts for Financial Statements

• Types of Adjusting Entries
• Accruals
• Deferrals
• Depreciation

Chapter 9: Final Steps in the Accounting Cycle

• Preparing an Adjusted Trial Balance
• Preparing Financial Statements from the Adjusted Trial Balance
• Recording Adjusting and Closing Entries
• Preparing a Post-Closing Trial Balance

Chapter 10: Banking Procedures and Accounting for Cash

• Bank Reconciliations for General Accounts
• Internal Control over Cash
• Petty Cash

Chapter 11: Accounting for GST/HST, Payroll, and Income Tax

• Goods and Services Tax (GST) / Harmonized Sales Tax (HST)
• Payroll Accounting
• Income Tax Considerations for Legal Firms

Chapter 12: Computerized Time and Money Management

• Introduction to Legal Accounting Software (e.g., PCLaw®)
• Time Tracking and Billing in Software
• Managing Disbursements and Receipts in Software

Chapter 13: Real Estate Transactions (ONLINE ONLY)

• Accounting for Real Estate Closings
• Specific Trust Accounting considerations for real estate

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Tags: Jacqueline Asselin & Keri Nisbet, Legal, Accounting