Level 1 Award Bookkeeping 601/9065/6

Bookkeeping Careers & Qualifications

Overview

Suitable for learners wanting an introduction to the process of keeping double entry records, preparing reconciliations and a trial balance

The qualification is made up of:

1 – Online Knowledge Test
2 – Online Assignments

Who is this qualification for?

The Level 1 Award in Bookkeeping qualification is specifically aimed at leaners who wish to begin their studies of bookkeeping and gain entry to a Level 1 qualification within the RQF.

The qualification has been designed to appeal to individuals within the following groups:

  • Learners starting their studies in the subject of bookkeeping from a point of no previous knowledge or experience.
  • Learners employed at a junior level with some limited basic bookkeeping knowledge and skills, who want to formalise their competence by gaining a recognised accredited qualification in bookkeeping.
  • Learners returning to study and/or work after a study or career break.
  • Learners considering a change in career.
  • Learners considering a career as a self-employed practitioner.
  • Owners of a small business wanting an introduction to the function of bookkeeping with a view of keeping financial records for their business.

What you’ll study

This qualification is made up of the following units:

Introduction to bookkeeping – T/508/5857

  • Understand the basics of double entry bookkeeping
  • Understand bookkeeping terms
  • Recognise source documents and understand their purpose
  • Understand the basics of VAT
  • Understand the purpose of the trial balance and petty cash and bank reconciliations

Keep double entry records and prepare a trial balance – A/508/5858

  • Use the journal
  • Record transactions in a double entry bookkeeping system
  • Prepare a trial balance

Prepare reconciliations – F/508/5859

  • Reconcile the petty cash balance
  • Prepare a bank reconciliation statement

Learning Resources Available

The Level 1 Bookkeeping RQF book covers the entirety of this qualification, and can be bought here

How much will it cost?

Student’s studying or wanting to study through a training provider, (classroom based or distance learning) should contact potential training providers to get an idea of the total cost for the qualification. As the majority of the training providers will include the IAB registration fees into their own fee.

For self-study students, (those studying without a training provider) The fee would be £105

This fee covers the following:

  • Registration onto the qualification
  • All IAB assessment fees (excluding re-sits)
  • Certification upon successful completion of all assessments
  • Free IAB student membership for 1 year (click here for a list of student benefits)

If you want to find out more about self study please click here

How is it assessed?

This qualification is made up of:

1 – Online Knowledge Test

Online Knowledge tests are a series of independent short answer questions made up of multiple choice, gap fill, and true or false type questions. They are assessed via IABOnline and are open book. This might be taken in class or at home

2 – Online Assignments

Online Assignments are also assessed via IABOnline and are also open book. These are taken in class or at home and are short case study type questions with several tasks for each case study

Next Steps After Passing

Upon successful completion of this qualification you could move onto one of the following qualifications:

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