This course satisfies the specific requirement for an approved examination in accounts for the purposes of admission as a legal practitioner in the ACT, NSW, QLD, VIC and/or NT.
The course is designed to ensure that you have a working understanding of how to meet your legal professional obligations in relation to the administration of trust money and trust accounts.
The course will also provide you with a working understanding of double-entry bookkeeping as it applies to both the general trust account and a law firm's office account.
Learning Outcomes
Upon successful completion, students will have the knowledge and skills to:
The objective of this course is to provide you with an understanding of, and ability to, integrate the legal concepts of trust accounting with the practical aspects of bookkeeping. Completing this course will enable you to:
- identify if you have received trust money
- determine the character of any trust money received - i.e. general trust money, controlled money, investment money, transit money, subject of power money, written direction money
- ensure that all trust money payments are in accordance with the legislative framework and client instructions
- process general trust money accounting transactions in journals and ledgers, and, prepare a trial balance and bank reconciliation in accordance with relevant legislation
- create the appropriate records for trust money that is not general trust money
- apply key trust accounting legislative provisions to factual scenarios.
Indicative Assessment
No. Assessment Name Marks 1 Practising how to apply the law to bookkeeping 5 2 Trust Accounting Law Multiple Choice/Short Answer Examination 30 3 Practising how to apply the law to bookkeeping ... again 15 4 Final Exam - 3 hr, open book examination to test your ability to apply the relevant trust accounting law to create the appropriate records. 50 TOTAL 100The ANU uses Turnitin to enhance student citation and referencing techniques, and to assess assignment submissions as a component of the University's approach to managing Academic Integrity. While the use of Turnitin is not mandatory, the ANU highly recommends Turnitin is used by both teaching staff and students. For additional information regarding Turnitin please visit the ANU Online website.
Workload
There are no set contact hours. Students should expect to spend about 10 - 15 hours per week in reading and course related tasks to complete the course.
Requisite and Incompatibility
Prescribed Texts
Prescribed texts are available online and are advised to students through the course website in WebCT.
Preliminary Reading
Preliminary reading is advised to students through the course website in WebCT.
All reading materials will be provided to via the course content book and the WebCT site for the course. The following legislation is also essential reading for each jurisdiction:
- ACT
- Legal Profession Act 2006, Part 3.1
- Legal Profession Regulation 2007, Part 6
- NSW
- Legal Profession Act 2004, Part 3.1
- Legal Profession Regulations 2005, Part 8
- QLD
- Legal Profession Act 2007, Part 3.3
- Legal Profession Regulation 2007, Part 3.3
- VIC
- Legal Profession Act 2004, Part 3.3
- Legal Profession Regulations 2005, Part 3.3
- NT
- Legal Profession Act 2007, Part 3.1
- Legal Profession Regulations 2007, Part 3.1.
Assumed Knowledge
The course is designed for law graduates intending to proceed into legal practice.
Fees
Tuition fees are for the academic year indicated at the top of the page.
Commonwealth Support (CSP) Students
If you have been offered a Commonwealth supported place, your fees are set by the Australian Government for each course. At ANU 1 EFTSL is 48 units (normally 8 x 6-unit courses). More information about your student contribution amount for each course at Fees.
- Student Contribution Band:
- 34
- Unit value:
- 3 units
If you are a domestic graduate coursework student with a Domestic Tuition Fee (DTF) place or international student you will be required to pay course tuition fees (see below). Course tuition fees are indexed annually. Further information for domestic and international students about tuition and other fees can be found at Fees.
Where there is a unit range displayed for this course, not all unit options below may be available.
| Units | EFTSL |
|---|---|
| 3.00 | 0.06250 |
Course fees
- Domestic fee paying students
| Year | Fee |
|---|---|
| 2021 | $2205 |
- International fee paying students
| Year | Fee |
|---|---|
| 2021 | $2940 |
Offerings, Dates and Class Summary Links
ANU utilises MyTimetable to enable students to view the timetable for their enrolled courses, browse, then self-allocate to small teaching activities / tutorials so they can better plan their time. Find out more on the Timetable webpage.