Introduction and Objectives

Objectives

The objectives of the Accounting System module are:

  1. To review basic accounting and bookkeeping systems.
  2. To provide sufficient context on how an accounting system works to understand the trust accounting concepts in the Trust Accounting Essentials module that follows.

There may be portions of the Trust Accounting Essentials module that you will not understand if this module has not been reviewed.

Navigating this Module

This module features these components:

Written Material: This module introduces the accounting process, double entry bookkeeping, the use of technology, and working with a bookkeeper.

Challenges: Short questions that offer an opportunity to consolidate your understanding of key concepts.

Slideshow: A slideshow features a sample set of transactions to show how accounting records track the flow of money through a lawyer's file.

Test: The test for this module features a fact pattern followed by two parts, a question and a justification. You must get answers to both parts correct in order to complete the test. If you get one or both parts incorrect, you will get an opportunity to reattempt the test. Test questions are drawn from the written material only and not the Appendices, Additional Resources, or the footnotes to the written material.

Appendices and Additional Resources: Additional Resources are available, some of which are included in the Appendices and Additional Resources sections of this module. You are not tested on this additional material, although you are encouraged to review any resources that best suit the nature of your practice or if you experience difficulty comprehending the material that will be tested.

Although we aim to present a comprehensive module, this module is not exhaustive. This module is not a substitute for exercising professional judgment and does not constitute legal advice.

Credits: Some of the information in this module is based on materials originally prepared by Ian Doddington, Nadine Siemens, Jerome Malysh and Felicia Folk, formerly of the LSBC, as well as David Bilinsky, Practice Management Advisor, Don Terrillon, Controller Finance, and Felicia Ciolfitto, Trust Assurance Auditor, all of the LSBC.