Level 3 Certificate in Bookkeeping and Accounting 601/9058/9

Bookkeeping Careers & Qualifications

Overview

Introduces the learner to the process of making accounting adjustments in the preparation of financial statements and the complexities of preparing financial statements from double entry and incomplete records for sole traders, partnerships and not for profit clubs and societies.

The qualification is made up of:

1 – Online Knowledge Test
2 – Online Assignments
1 – Examination

Who is this qualification for?

The Level 3 Certificate in Bookkeeping and Accounting qualification is primarily designed to appeal to learners within the following groups:

  • Learners who already have some bookkeeping experience and want to formalise their knowledge and skills by completing an accredited qualification in bookkeeping and accounting.
  • Learners who already hold a bookkeeping qualification wanting to expand their range of knowledge and skills.
  • Learners already employed in bookkeeping or allied roles and wanting to expand their range of knowledge and skills so that they can perform more advanced tasks and take on additional responsibility in the workplace.
  • Learners already self-employed as a bookkeeper/practitioner, or considering self-employment, and wanting to expand their range of knowledge and skills so that they can offer a more extensive range of services to a wider client base.

What you’ll study

This qualification is made up of the following units:

Principles of accounting – R/508/5865

  • Understand the purpose of accounting concepts and standards, and recognise the qualitative characteristics of financial information
  • Understand the process of accounting for a 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
  • Understand the purpose of a trial balance and a suspense account
  • Understand the purpose of financial statements
  • Understand the purpose of the extended trial balance
  • Understand the principles of accounting for partnerships
  • Understand the process of accounting from incomplete records
  • Understand the principles of accounting for not for profit organisations

Make accounting adjustments – Y/508/5866

  • Account for a stock valuation
  • Account for fixed assets
  • Account for prepayments and accruals
  • Account for bad and doubtful debts

Prepare financial statements from double entry records for sole traders and partnerships – D/508/5867

  • Prepare a trial balance and correct errors
  • Prepare financial statements for a sole trader
  • Prepare an extended trial balance
  • Prepare financial statements for a Partnership

Prepare financial statements from incomplete records for sole traders and not for profit organisations – H/508/5868

  • Calculate capital or accumulated funds from incomplete data
  • Construct accounts and a trial balance from incomplete records
  • Prepare financial statements from incomplete records

Learning Resources Available

There is a study text book which covers the entirety of this qualification which can be purchased 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 £135

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

1 – Online Examination

Online Examinations these are assessed via IABOnline and are taken under examination conditions. They are also made up of a series of independent questions (learners do not have to refer to data and tasks in previous questions when working through the paper). Although each question is independent some questions may have more than one.

Examinations can be taken in any month and on any day (subject to the examination centre). This means that you can move up through the levels quickly as well.

Examinations require a minimum of 5 weeks notice in the UK and 8 weeks for those outside of the UK, before the examination date. This allows us enough time to process the registrations and get the examination papers dispatched

Next steps after passing

Upon successful completion of this qualification you could apply for professional member at the grade of Member

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