Level 3 Diploma in Bookkeeping (QCF) 601/0484/3 – Apprenticeship version

Overview

This qualification involves routine bookkeeping and accounting tasks, leading to the production of complex financial statements for a Sole Trader or Partnership from both complete and incomplete records including the use of a commercially available computerised accounting software package for producing financial statements of Sole Traders.

The IAB Level 3 Diploma in Bookkeeping is made up of:

6 – Paper knowledge tests
1 – Project
4 – Assignments
2 – Examinations

Click Here to download the Purpose Statement

Who is this qualification for?

The IAB Level 3 Diploma in Bookkeeping is suitable for:

  • Individuals aspiring to become, or who are already, professional bookkeepers or accounts administrators.
  • Individuals who already have some bookkeeping experience and who wish to acquire further skills and knowledge required of Bookkeepers, Accounts Clerks and Financial Administrators.
  • Individuals who are already employed in bookkeeping or allied roles and who wish to enhance their firm foundation and the knowledge and skills to perform some advanced routine and non-routine tasks.

What you’ll study

The IAB Level 3 Diploma in Bookkeeping contains the following units:

Principles of double entry bookkeeping – A/601/0698 (level 3 – 2 credits)

  • Understand the use of generally accepted accounting concepts and the qualitative characteristics of financial statements
  • Understand the principles of double entry bookkeeping
  • Understand the purpose and use of stock valuation
  • Understand the process of accounting for fixed assets
  • Understand the process of accounting for prepayments and accruals
  • Understand the process of accounting for bad and doubtful debts

Principles of accounting for not for profit organisations – Y/601/0725 (level 3 – 1 credit)

  • Understand terminology relating to not for profit organisations
  • Understand the purpose of a receipts and payments account
  • Understand the function of financial statements prepared for a not for profit organisation

Fundamentals of incomplete records – A/601/0717 (level 3 – 1 credit)

  • Understand single entry bookkeeping
  • Understand the process of constructing ledger accounts from incomplete records

Fundamentals of bookkeeping and accounting for partnerships – L/601/0723 (level 3 – 1 credit)

  • Understand the partnership structure as a form of business entity
  • Understand the legislation relating to partnerships
  • Understand specific accounts used in partnership accounting
  • Understand the procedures necessary to account for the changes in the structure of a partnership

Principles of preparing financial statements for sole traders – R/601/0707 (level 3 – 1 credit)

  • Understand the form and function of the trial balance
  • Understand the purpose of the suspense account
  • Understand the form and function of the financial statements
  • Understand the form and function of the extended trial balance

Principles of VAT – A/505/1094 (level 3 – 2 credits)*

  • Understand VAT regulations

Working effectively in accounting and finance – Y/504/3973 (level 2 – 5 credits)

  • Understand the accounting or payroll function within an organisation
  • Be able to use a range of communication skills
  • Work independently or a s part of a team
  • Develop skills and knowledge to meet personal and organisational needs
  • Understand ethical values and principles
  • Understand sustainable values

Record transactions and make accounting adjustments – M/601/0732 (level 3 – 5 credits)

  • Apply accounting concepts
  • Reconcile trade debtors and trade creditors
  • Account for fixed assets
  • Account for the value of stock
  • Account for prepayments and accruals
  • Account for bad and doubtful debts
  • Prepare ledger accounts for use in drafting financial statements

Prepare financial statements for a sole trader – A/601/0734 (level 3 – 3 credits)

  • Prepare a trial balance
  • Make and apply accounting adjustments
  • Prepare financial statements for a sole trader
  • Prepare an extended trial balance
  • Draft financial statements (for a sole trader) from an extended trial balance

Prepare financial statements for a partnership – Y/601/0742 (level 3 – 3 credits)

  • Prepare accounts for a partnership
  • Account for a change in the structure of a partnership

Prepare financial statements from incomplete records – A/601/0751 (level 3 – 3 credits)

  • Calculate the capital contribution of the owner to a business
  • Prepare accounts from incomplete records
  • Prepare a trial balance
  • Prepare financial statements (for a sole trader) from incomplete records

Prepare financial statements for a not for profit organisation – D/601/0757 (level 3 – 2 credits)

  • Calculate the accumulated fund of members of a not for profit organisation
  • Prepare ledger accounts for a not for profit organisation
  • Prepare financial statements for a not for profit organisation

Preparing and completing VAT returns – J/600/4953 (level 3 – 2 credits)

  • Complete VAT returns accurately and in a timely manner
  • Communicate VAT information

Managing a computerised accounts system to provide management information – R/601/8080 (level 3 – 10 credits)

  • Set up initial data
  • Enter transactions
  • Process Credit Card Transactions
  • Record transactions relating to the acquisition and disposal of fixed assets
  • Make end of period adjustments
  • Amend the Chart of account and print review and analyse period end reports.
  • Take printouts and review

* If already covered in level 2 then no need to take the assessment

Learning Resources Available

The Level 3 Bookkeeping QCF book covers the manual elements of this qualification, and can be bought here

Next Steps After Passing

Upon successful completion of this qualification you could apply for professional membership

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