IAB Level 3 Certificate in Book-Keeping and Accounting (RQF)

The Level 3 Certificate in Book-keeping and Accounting introduces you 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. In order to complete the Level 3, you must achieve Pass grades in one Online Knowledge Test, two Online Assignments and one Exam.

The Level 3 Certificate in Book-Keeping and Accounting qualification is primarily designed for:

• Learners who already have some book-keeping experience and want to formalise their knowledge and skills by completing an accredited qualification in book-keeping and accounting and

• Learners who already hold a book-keeping qualification wanting to expand their range of knowledge and skills.

• Learners already employed in book-keeping 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 book-keeping/practitioner or considering self-employment and who want to expand their range of knowledge and skills so that they can offer a more extensive range of services to a wider client base.

The IAB have introduced a new rule that affects students wanting to sit IAB exams. If you wish to sit one of their exams you must be a member of the IAB. To help, they have introduced a one year Student membership class. Membership allows you to sit multiple exams during the year and costs just £50.00. As the student membership is associated with the student UCM cannot organise it. This is something that you need to organise with IAB onlinefor yourself. If needed we can help show you as part of the first lesson.

Please note: Courses will run subject to having sufficient student numbers.

What subjects will I study?

Principles of accounting:

• 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 non-profit organisations

• Make accounting adjustments

• Account for a stock valuation

• Account for fixed assets

• Account for prepayments and accruals

• Account for bad and doubtful debts

• 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 for incomplete records for sole traders and non-profit organisations

• Calculate capital or accumulated funds from incomplete data

• Construct accounts and a trial balance from incomplete records

• Prepare financial statements from incomplete record

Students that wish to purchase course books from the IAB need to look at their website to view the books but email what they want to orders@iab.org.uk. Do not order books directly through the IAB website as the IOM is considered to be “overseas” and it will reject your order.