IAB Certificate in Bookkeeping and Accounting Level 3

Course description

Learners who complete the qualification successfully will have a comprehensive range of knowledge and skills and will be able to carry out period end bookkeeping routines and also perform tasks of a complex nature that fall within the function of accounting. They will be able to prepare a trial balance, use a suspense account and correct bookkeeping errors. They will also be able to carry out routine period end procedures such as valuing stock and recording a stock valuation in the bookkeeping system, accounting for the acquisition, depreciation and disposal of fixed assets and keeping a fixed asset register, accounting for prepayments and accruals, writing off bad debts and providing for doubtful debts. Successful completion of the qualification will give learners the skills required to prepare financial statements for a sole trader (trading and profit and loss account and a balance sheet). They will also be able to prepare an extended trial balance, and prepare financial statements for a sole trader from incomplete records. The Level 3 Certificate in Bookkeeping and Accounting has been designed to appeal to learners: • who already have some bookkeeping experience and want to formalise their knowledge and skills by completing an accredited qualification in bookkeeping and accounting • who already hold a bookkeeping qualification wanting to expand their range of knowledge and skills • 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 • 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 will experience The Level 3 Certificate in Bookkeeping and Accounting qualification comprises four mandatory units: 1. Principles of accounting – R/508/5865 2. Make accounting adjustments – Y/508/5866 3. Prepare financial statements from double entry records for sole traders and partnerships –D/508/5867 4. Prepare financial statements from incomplete records for sole traders and not for profit organisations – H/508/5868 The knowledge tests, examination and assignments for this course are delivered online. Assessments The knowledge tests, examination and assignments for this course are delivered online. Pilot assessments are provided for the purposes of practice and revision. Pilot assessments are not timed and can be undertaken as many times as the learner chooses. Once the pilot assessment is passed, the learner can attempt the live assessment. Live assessments are timed and to successfully complete the qualification you must pass all four live assessments. The first is an online knowledge test which is a series of independent short answer questions made up of multiple-choice, gap fill, and true or false type questions. There are also two online assignments to complete which take the form of short case study type questions with several tasks for each case study. All three of the above assessments are open book which means they can be taken at home or you can book a time slot at our assessment centre. There is one examination that you will need to attend the college for. This examination is taken online but the IAB stipulate that it must be taken under examination conditions. The examination is 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 (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 which allows the IAB enough time to process your registration and get the examination papers dispatched