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Home My WebLink AboutLGL-210BERGEN COMMUNITY COLLEGE DIVISION OF BUSINESS, ARTS & SOCIAL SCIENCE DEPARTMENT OF LEGAL STUDIES LGL-210 LEGAL ACCOUNTING ***This course should only be taken by PARALEGAL MAJORS*** PROFESSOR: CREDITS & HRS: 3 CREDITS (2 LEC, 2 LAB HRS.) PREREQUISITES: LGL-101, LGL-103, LGL-203 COURSE: LGL-210 LEGAL ACCOUNTING is a study of accounting concepts for the legal assistant. The trust and escrow accounting reporting rules of the New Jersey Supreme Court are discussed. Hourly records, billing procedures, and accounting concepts are studied as they relate to legal situations. TEXTBOOKS: Essentials of Accounting, 1999, 9th Ed., Lawrence, Thomson Learning Trust & Business Accounting for Attorneys, 2nd Ed. 1988 NJ Institute for Continuing Education, Seminar Material Accounting Aspects of Divorce, First Ed., 1991 Legal Accounting Study Aid, Meisel, 2010 Edition, Valley Publishing NOTE: STUDENTS ARE REQUIRED TO READ ALL OF THE ABOVE INSTRUCTIONAL RESOURCES FOR PART II BEFORE FIRST CLASS FOR PART II. LEARNING OBJECTIVES: This course is divided into two parts. The first ten weeks will cover accounting principles and practices. The remaining five weeks will cover trust accounting and rules, law office records, and procedures required by the New Jersey Supreme Court, principles of investigative accounting, principles of valuation of a business or professional practice, minority equity discounts and other valuation concepts. 1 PART I – ACCOUNTING 50% OF GRADE 1. An understanding of the basic concepts of accounting as applied to client’s business transactions. (Chapters 1.1 through 7) Measure: Students will complete practice problems that require students to apply accounting principles. Standard: By the end of Part I, at least 80% of the students will feel comfortable with common accounting concepts that apply to business transactions. 2. Expose students to the accepted systems of internal records and controls for a business or professional office and the accuracy and reliability of accounting systems and records. Measure: There will be 2 unit exams in Part I which will test the student’s ability to prepare proper records, entries and ledgers for common accounting problems. Standard: By the end of Part I, at least 80% of the students will produce correct records, entries and ledgers as demonstrated by an average grade of “70” or better on the unit examinations. PART II – LEGAL CONCEPTS 50% OF GRADE 3. Introduce students to principles of trust and escrow accounting and business accounting for the law office, under the rules of the New Jersey Supreme Court and ethics and penalties standards imposed by the New Jersey Supreme Court for violation of its rules. Measure: Analyze a series of practice problems that require students to recognize and correct errors which violate the rules of the New Jersey Supreme Court. Standard: At least 80% of the students will successfully analyze practice problems on Unit Exam 3. 4. Review and apply the following principles of valuation of assets as set by actual cases in New Jersey: A. Equitable distribution valuation in divorce cases B. Investigatory accounting in a contested case C. Discount in valuation of minority ownership in a business or professional entity D. Discount for lack of resale market E. Sale of a law practice as compared to sale of a medical practice Measure: Students will be able to apply valuation principles in a variety of settings encountered in a law practice (i.e. divorce, partner split, sale of a professional practice). 2 Standard: By the end of Part II, at least 80% of the students will attain a grade of “70” or better on a comprehensive examination which requires students to apply valuation principles to actual sample cases. COURSE CONTENT: It is expected that the reading assignment be completed before class. This is necessary to make it possible for the student to participate in class discussions. Homework assignments are expected to be done neatly and on time. The solutions will be reviewed by the instructor. ATTENDANCE POLICY: PART I: A student’s overall performance and grade are generally impacted by his/her attendance. Therefore, regular and punctual attendance is expected of all students registered in courses at the College. The instructor may impose a grade penalty for lateness and/or absences which will be announced at the beginning of the semester for Part I. PART II: Due to the five week compressed time for this Part II and the volume of material covered in that short period, a student is permitted to miss only one of the five classes; a second absence will result in an “E” grade. EVALUATION PROCEDURE AND GRADES: Fifty percent of the student’s grade will be based on assignments and examinations in Part I – Accounting and 50% will be based on two exams given in Part II – Legal Concepts. A student who misses Exam 3 (first exam in part II) must take that exam in the next class or receive an “‘E” grade. Exam 4 (second exam in part II) is given in the last class. There is no make- up exam. A student who misses Exam 4 will receive an “E” grade for the course. 3 CLASS CONTENT UNIT # HOURS ASSIGNMENT TOPIC Book: “Essentials of Accounting” Part I 1 4 1.1 1.2 Accounting Equation & Financial Statements The Double Entry System of Accounting 2 4 2.1 2.2 Journalizing and Posting Trial Balance and Financial Statements 3 4 3.1 3.2 Accounting Cycle and the Worksheet Using Worksheet to Prepare Financial Statements 4 4 2 2 4.1 ***ACCOUNTING EXAM #1*** Adjusting Entries 5 4 4.2 4.3 Closing Entries Reversing Entries 6 6 3 1 5.1, 5.2 6.1, 6.2 Accounting For Cash Payroll Accounting 7 7 3 1 6.1, 6.2 7 Payroll Accounting Accounting for Attorneys 8 2 2 7 4,5,6,7 Accounting for Attorneys Pre-exam Review 9 4 ****ACCOUNTING EXAM #2**** 10 4 Book: “Trust & Business Accounting” Trust Accounting and Intro. To Regular Business Accounts, Assigned Ethics Cases, Regular Business Accounts 11 4 Book: “Study Aid” Discussion & Review of Ethics Cases Review for Exam #3 12 2 Book: “Accounting Aspects of Divorce” ***EXAM 3#*** 12 2 Book: “Accounting Aspects of Divorce” Principles of Investigative Accounting and Accounting for Divorce 13 4 Book: “Study Aid” Principles of Evaluation of a Business, Minority Interest Discounts 14 2 Both of Above Books Review of Evaluation Concepts 14 2 Review for Exam #4 15 4 ***EXAM 4*** Note: This Course Outline and Calendar is tentative and subject to change, depending upon the progress of the class. The Bergen Community College Grading Scale shall apply to this course. Bergen Community College Grading Scale: 4 Other College, Divisional and /or Department Policy Statements See the master college catalog and student handbook for student responsibilities pertaining to: • Code of Student Conduct • Civility • ADA Statement • Sexual Harassment Statement • Statement on Plagiarism and Academic Dishonesty • Statement on Acceptable Use of College Technology • Statement on Purpose and Value of Faculty Office Hours Student and Faculty Support Services Smart Thinking Tutorial Service On Line at: www.bergen.edu/library/learning/tutor/smart index.asp The Tutoring Center Room L-125 201-447-7908 The Writing Center Room L-125 201-447-7908 The Online Writing Lab (OWL) On Line at: www.bergen.edu/owl The Office of Specialized Services (for Students with Disabilities) Room L-116 201-612-5270 www.bergen.edu/oss The Sidney Silverman Library Room L-226 201-447-7436 Faculty absence: A daily listing will appear in the glass case located in the front lobby of the Administration Wing of the main building which will indicate all classes which are cancelled. Another listing will appear in the glass case adjacent to the Hotel/Restaurant bulletin board in East Hall. Students may consult these bulletin boards before going to class. Cell Phones: The use of cell phones is not permitted in class and all students must turn off their cell phones prior to class session. Recording of class lectures is prohibited. 5