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PLAO v4-1 Course Assignment 2025-0226

The assignment for Introduction to Paralegal Accounting requires students to answer True or False questions based on their textbook chapters and complete two Excel spreadsheets related to journal entries and trust bank reconciliation. Students must submit their True/False answers as a PDF and each completed Excel workbook separately, totaling three submissions. The assignment is worth 42 marks and constitutes 20% of the overall course mark, with specific instructions on formatting and submission guidelines.

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saeedshahsavary
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10 views

PLAO v4-1 Course Assignment 2025-0226

The assignment for Introduction to Paralegal Accounting requires students to answer True or False questions based on their textbook chapters and complete two Excel spreadsheets related to journal entries and trust bank reconciliation. Students must submit their True/False answers as a PDF and each completed Excel workbook separately, totaling three submissions. The assignment is worth 42 marks and constitutes 20% of the overall course mark, with specific instructions on formatting and submission guidelines.

Uploaded by

saeedshahsavary
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Assignment

Introduction to Paralegal Accounting

PLAO

Student First Name: Please type here

Student Last Name: Please type here

Student ID Number: Please type here

Instructor Name: Please type here

Date: Please type here

Instructions:

Part 1

On your own time (outside of class time), please review each chapter in your book and
answer the following statements by indicating whether the answers to each is TRUE or
FALSE. Please type your answer in the answer page by typing either the word TRUE or
FALSE.

Please note that should you type the incorrect answer, type both answers, type your
answer in the incorrect place, type an answer that is not legible, or your answer is spelled
incorrectly, you will not receive a mark for that answer.

When typing in this document, please do not change fonts, spacing, or other formatting.

Part 2

You will complete two excel spreadsheets – “General Journal Entry” and “Trust Bank
Reconciliation” Both are found on ecampus.

IMPORTANT: Once you have completed this assignment, please submit the True and
False portion as a PDF. Then upload each completed workbook as their own separate
submission. You will upload three submissions in total to ecampus.

Total Marks for full assignment – 42 marks


This assignment is worth 20% of your overall course mark.
Part 1 ( Worth 1 Mark Each)

Chapter One

1. A separate interest-bearing trust account should be opened for each client.

2. It is a mandatory requirement for a legal professional (for example, a lawyer or


paralegal) to open and maintain a trust account.

Chapter Two

3. Sole proprietors and partners take money out of their business by way of a salary.

4. Cash and capital are equivalent terms that can be used interchangeably.

Chapter Three

5. The accounting period is established by the tax regulator (for example, the CRA).

6. Debit entries always cause an increase in an account.

Chapter Six

7. A fees book includes only information about legal fees charged to clients.

8. The general disbursements journal is used only for disbursements made on behalf of
clients, which are recoverable by the paralegal.

Chapter Eight

9. Accumulated depreciation has a normal credit balance.

10. Book value means the same thing as fair market value.

11. Paralegals can elect to exclude WIP in reporting income at the end of the financial year.

Chapter Nine

12. To close the expense account, you debit the expense account.

13. At the close of the fiscal year, the general ledger accounts must be updated to reflect all
adjustments.

14. Revenue and expenses are temporary accounts that reset to zero at the end of each
fiscal year.

Chapter Ten

15. By-law 9 of the LSO requires that the general bank ledger be reconciled by the 25th day
of the following month after the date of the bank statement.

16. The ending balances on the general bank ledger or trust bank ledger must equal the
ending bank statement reconciled balance in order for the records to be reconciled.
Introduction to Paralegal Accounting (PLAO) Assignment – Page 2
©2025 February 26, 2025
17. The petty cash account balance is changed only when establishing, increasing, or
decreasing the petty cash balance limit.

Chapter Eleven

18. GST/HST is remitted on the total amount of GST/HST charged and collected.

19. Business records should be maintained for a minimum period of six years from the end
of the last tax year to which such records relate.

20. Salaries and the employer's share of contributions paid to employees can be deducted
as business expenses.

Please type your answers, TRUE or FALSE, to the above statements, to the right side of each
number listed below:

1: 2: 3: 4: 5:

6: 7: 8: 9: 10:

11: 12: 13: 14: 15:

16: 17: 18: 19: 20:

Please note: Early submission of assignment is required to receive full marks.


It is a good habit in the legal profession to have your documents completed,
proofread, and submitted before deadlines, where possible. There are no extra
marks added for early submissions

DO NOT SHARE YOUR ASSIGNMENT DOCUMENTS WITH YOUR PEERS.


ASSIGNMENT MUST BE COMPLETED ON YOUR OWN.

NOTE: Instructor has discretion to subtract a maximum of up to an additional


10 marks for any reason that is listed or not listed in the above rubric. Instructor
must provide a written explanation for subtraction of extra marks not listed
above. Reasons for losing additional marks can vary and may include, but are
not limited to: 1) Submission with pages descewed or out of order; 2) Submission
that is in PDF but is a scanned copy that is not clean, neat, or legible; 3)
Submitted via email, before deadline, without prior permission by instructor; 4)
Any other reasons stated by instructor.

Introduction to Paralegal Accounting (PLAO) Assignment – Page 3


©2025 February 26, 2025
Part 2 A - Instructions – Excel sheet - “ journal – entries.” (on e-campus) Under Tab “H” there is
a series of particulars from Peter’s first month of practice (January). Create the appropriate
journal entries for each transaction using the account names from the “Chart of Accounts”
below. Total Marks 10

Introduction to Paralegal Accounting (PLAO) Assignment – Page 4


©2025 February 26, 2025
Part 2 B – Excel sheet – “Trust Bank Reconciliation” (on e-campus). In this excel sheet, you will
find various information contained in the tabs in the workbook. You are to take this information
and populate the trust bank reconciliation sheet. Complete this assignment within the excel
sheet.
Total Marks 12

Introduction to Paralegal Accounting (PLAO) Assignment – Page 5


©2025 February 26, 2025

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