Institute of Certified Bookkeepers (ICB) Level 3 Diploma in Bookkeeping: Home Study

Course Content

Premier Training will provide each student with:

• Training CD and accompanying manual (AAT Bookkeeping Certificate: ABC)
• Study textbook
• Three assignments
• Practice exam paper
• Telephone helpline
• Personal study programme
• Personal tutor

Having achieved the Level 2 qualification in either manual or computerised bookkeeping, students may progress to the Level 3 Diploma. Students must be able to demonstrate their ability to understand and carry out the following functions:

Data Protection
1) Demonstrate an understanding of the principles of the Data Protection Act.

Stock Control
1) Calculate closing stock using first in first out (FIFO), Last in first out (LIFO) and average cost of stock (AVCO).

Post Trial Balance Adjustments and Provisions
1) Make correct entries within the accounts for accruals and prepayments, depreciation, the provision of doubtful debts and closure of accounts at the year-end.

Disposal of Fixed Assets
1) Make correct entries in the accounts for the disposal of fixed assets including part exchange
2) Transfer the profit and loss on the disposal of a fixed asset to the profit or loss account
3) Calculate depreciation of remaining fixed assets after disposal (assume full depreciation in the year of acquisition and no depreciation in the year of disposal).

Extended Trial Balance
1) Analyse and develop given information to produce an extended trial balance.

Incomplete Records
1) Calculate owner’s capital account by the compilation of a statement of affairs. Calculate sales and purchases using control accounts or a similar method.
2) Using conventional bookkeeping procedures, derive any other missing figures from given data
3) Analyse and make use of given data to calculate profit by comparison of capital methods
4) Produce a set of complete final accounts from a set of incomplete records.

Concepts
Explain the meaning of the terms business entity, going concern and accruals concept.

Partnerships
1) Explain the legal aspects of a partnership formation
2) Compile trading, profit and loss and appropriation accounts, together with a balance sheet for a partnership.
3) Compile partners capital and current account
4) Apply profit sharing ratio changes to partnership accounts
5) Produce the necessary calculations for the admission of a new partner and the retirement of a partner including treatment of goodwill.

Manufacturing Accounts
1) Prepare the manufacturing account identifying prime cost and total cost of production.
2) Prepare a trading and profit and loss account.
3) Prepare a balance sheet

Limited Companies
1) Explain the nature of limited liability and company account requirements
2) Understand the need for maintaining a fixed asset register where applicable
3) Produce a set of final accounts for a limited liability company
Produce the ledger work required for the issue of shares and debentures.

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