Overview
The IAB Level 3 Diploma in Bookkeeping is made up of:
6 – Paper knowledge tests
1 – Project
4 – Assignments
2 – Examinations
Who is this qualification 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
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
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