Level 3 Diploma in Accounting and Advanced Book-keeping (VRQ)
The overall aim of this qualification is to accredit candidates’ knowledge and understanding of the fundamental principles concerned in the valuation of the assets of the business, the elimination of errors and the preparing of complex Financial Statements following the calculation of the necessary accounting adjustments.
Candidates will be able to develop the skills necessary to prepare for the correction of errors using a Suspense Account, and calculations relating to Stock, prepayments, accruals and bad debts. They will also be able to understand the use of the Journal and the preparation of the Trading Account, Profit and Loss Account and Balance Sheet, which form the Financial Statements. Finally, the candidate will manage to prepare financial statements for a variety of business organisations, including a sole trader and a partnership.
Various scenarios are covered including the preparation of financial statements for non profit making organisations and from a set of incomplete records. Accuracy, integrity and security of data should always be uppermost in the candidates mind.
To be awarded the qualification, candidates are required to successfully demonstrate their competence by means of two external examinations. Candidates will receive acknowledgement of successful completion of the qualification.
Unit 1 : An Introduction to Bookkeeping
Unit 2 : Trial Balance and Correction of Errors
Unit 3 : Business Document
Unit 4 : Value Added Tax
Unit 5 : Sub-Ledger and Analysed Cash Book
Unit 6 : Petty Cash
Unit 7 : Payroll
Unit 8 : Bank Reconciliation
Unit 9 : Accounts and Prepayments
Unit 10 : Accounting for the Disposal of Fixed Assets
Unit 11 : Accounting for Bad and Doubtful Debt
Unit 12 : Stock Valuation
Unit 13 : Prepare Financial Statement From Incomplete Record
Unit 14 : Partnership
Unit 15 : Prepare Financial Statement From Non-for Profit Organization