Introduction and Objectives

Every business needs an effective and accurate accounting system and legal practices are no exception. Understanding the purpose and processes associated with general accounting systems is not only a lawyer’s responsibility according to Law Society Rules but is also fundamental to being able to monitor your business, identify risks and improve profitability.

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 enable understanding of 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.

Time Estimate for this Module (including Quiz): 40 minutes