599 Accounting for Lawyers (Sprysak)

LAW599

Accounting for Lawyers

(Sprysak)

Prerequisite courses: None

Prerequisite for: None

Instructor(s): Chris Sprysak

Course credit: 3

Method of presentation: Lecture

METHOD OF EVALUATION

The method of evaluation for this course will be a take-home assignment worth 30% and a Final Examination worth 70%.

COURSE DESCRIPTION

The overall objectives of this course are to provide law students with (a) some foundational accounting knowledge and (b) practical accounting and financial statement skills that will be helpful to them in their legal practice.

More specifically, the course will cover four main components:

1. A basic overview of accounting, the accounting profession (including when and how an accountant can be helpful in a lawyer’s practice), and fundamental accounting principles and standards that govern the creation/presentation of financial statements

2. Basic accounting skills – including the creation of journal entries and posting to general ledger accounts, the creation of financial statements, and internal controls

3. Trust accounting – and the associated Law Society of Alberta Rules, etc. and

4. Financial statement analysis

The take-home assignment will require students to take a series of typical financial/operational transactions (including trust account transactions) that occur in a law firm in a month and create a set of financial statements and supporting accounting records.

SPECIAL COMMENTS

This course is designed for students who do not have an accounting background

Description updated 2020-21. Please contact the instructor for any specific questions you may have related to this particular course section.

REQUIRED TEXTS (IF ANY):

To be determined