Legal Accounting Syllabus
The complete LPC competency exam coverage. Click a topic to cycle through your study status, then jump to the AI tutor for a deep dive.
Bookkeeping Foundations
Double-entry principles and the books of a legal practice.
Double-Entry Principles
Debits and credits, the accounting equation, and source documents.
Regulation of Legal Practitioners' Accounts
The statutory framework governing trust and business accounts.
Legal Practice Act Overview
Scope of Chapter 7 and the duties imposed on legal practitioners.
LPC Rules on Accounting
Rule 54 record-keeping, fidelity fund certificate requirements.
Legal Practitioners' Fidelity Fund
Purpose of the Fund, claims, and Fidelity Fund Certificates.
Trust Accounting
Receiving, recording and disbursing client trust money.
Trust Receipts & Payments
Recording trust deposits and payments out of trust.
Section 86(3) & 86(4) Investments
Investment of trust money on instruction; interest treatment.
Transfers from Trust to Business
Conditions and timing for transferring fees and disbursements.
Business Accounting for Law Firms
Fees, disbursements, VAT and the firm's own books.
VAT in Legal Practice
Output and input VAT, vendor status, VAT on fees and disbursements.
Reconciliations
Monthly bank and trust reconciliations.
Trust Creditors Reconciliation
Agreeing the trust creditors list to the trust bank balance.
Year-End & Auditor's Report
Closing the books and the statutory audit of trust accounts.
Annual Financial Statements
Statement of profit or loss and statement of financial position.
Auditor's Report on Trust Accounts
Section 87 audit; engagement, scope and reportable irregularities.
Ethics & Misconduct
Common accounting transgressions and their consequences.