Level 3 Diploma in Accounting and Advanced Bookkeeping

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.

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.