Level 3 Diploma in Accounting and Advanced Book-keeping (VRQ) 500/3022/X

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Description

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. Within the qualification, candidates have the opportunity to gain knowledge of the processes necessary to prepare a Fixed Asset Register and complete the necessary calculations associated with Fixed Assets. Candidates will also be able to develop the skills necessary to prepare for the correction of errors using a Suspense Account, and calculations relating to Stock, prepay…

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Didn't find what you were looking for? See also: Bookkeeping, Accounting, Tax Accounting, Business Administration, and Payroll.

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. Within the qualification, candidates have the opportunity to gain knowledge of the processes necessary to prepare a Fixed Asset Register and complete the necessary calculations associated with Fixed Assets. Candidates will also 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. Finally the candidate will be able to prepare financial statements for a variety of business organisations, including a sole trader and a partnership.
The qualification requires candidates 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. 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.
Candidates may use this qualification as the basis of further study of manual systems at Level 4 of the National Occupational Standards, and use it as underpinning knowledge for the study of the IAB Level 3 Diploma in Computerised Accounting.
To be awarded the qualification, candidates are required to successfully demonstrate their competence by means of two external examinations. It will also provide progression to the NVQs in Accounting at Levels 3 and 4. Candidates will receive acknowledgement of successful completion of the qualification.

Name of Qualification Level 3 Diploma in Accounting and Advanced Book-keeping (VRQ) 500/3022/X Accreditation Review Date 31/12/2015 Guided Learning Hours (GLH) 90 Accreditation Number 500/3022/X Level Level 3

The IAB Book-keeping qualifications are specifically designed to appeal to those who are aspiring to become, or who are already, professional book-keepers or accounts administrators.
This Level 3 qualification is primarily designed for the following candidates:
1 Those who already have some book-keeping experience and who wish to acquire further skills and knowledge required of Book-keepers, Accounts Clerks and Administrators.
2 Those candidates who already hold the IAB Level 1 and Level 2 Certificates in Book-keeping or the IAB Level 2 Certificate in Computerised Book-keeping.
3 Those who are already employed in Book-keeping or allied roles and who wish to enhance there firm foundation and the knowledge and skills to perform some advanced routine and non-routine tasks.
4 Those preparing for or undertaking an NVQ in Accounting at Level 3 who wish to underpin this with a thorough grounding in the fundamental technical knowledge, understanding and skills associated with producing and processing a payroll at that level.
5 Those who may wish to continue to a higher level of study in Book-keeping and Accounting and related subjects and qualifications.

In summary, the qualification aims to enable candidates to:
1 Assess their competence and understanding in carrying out a range of day-to-day accounting and advanced book-keeping routines and activities using a manual book-keeping system. The activities will include routine book-keeping and accounting tasks, including the production of complex financial statements for a Sole Trader or Partnership from both complete and incomplete records.
2 To assess their understanding of the importance of maintaining accuracy, security and integrity in performing any book-keeping tasks using a manual accounting system.
3 Upon completion, progress in their learning to further develop their knowledge, understanding and skills by:
- Further studies of accounting routines and procedures at this Level (Level 3) and Level 4 of the National Occupational Standards.

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