Bookkeeping ICB Level 3

Study Guide
 Unit 1: Show you how to produce a set of final accounts for a sole trader including

Opening and Closing Stock Accruals and prepayments Deprecation: Straight Line and Reducing Balance Methods Provisions for Bad Debts

 Unit 2: Final Accounts - The Double Entry
This unit aims to:
 
Show the ledger entries for adjustments to the accounts including:
 
 
Stock Accruals Prepayments Depreciation Provision for bad debts Disposal of fixed assets
Unit 3: Incomplete Records
This unit aims to:
 
Show you how to calculate net profit using the following methods:
Comparison of Capital Account Balances Producing a Statement of Affairs Producing a trading, profit and loss account from a set of incomplete records
Introduce the mark up and margin method of calculating profit
Unit 4: Partnership accounts

This unit aims to:
 
 
Give you an introduction to the legal aspects of forming a partnership Show you how to appropriate the net profit so that each partner receives the correct amount including:
Interest on capital accounts Interest on drawings taken out by each partner Partnership salaries
Show you how to correctly formulate a partnership appropriation account and a balance sheet Give you an understanding of what happens when a partner leaves or a new partner joins
Unit 5: Manufacturing Accounts
This unit aims to:
 
Explain the term” manufacturing” in an accounting concept Distinguish between various types of cost Show how to prepare a manufacturing account from given information Develop the trading, profit and loss account for a manufacturing business
Unit 6: Limited Companies
This unit aims to:
 
Explain the legal aspects of a limited company Describe the various types of shares that exist Introduces the idea of reserves Demonstrate how the final accounts of a limited company are developed Show how to deal with the issue of shares in an accounting framework
Unit 7: Company accounts
This unit aims to:
 
Demonstrate the compilation of the following:
Receipts and payments account Income and expenditure account Balance Sheet Subscriptions Account

Unit 8: Correction of Errors
This unit aims to:
 
Show you how to open a suspense account to hold the discrepancy figure when a trial balance does not balance Develops how to clear the suspense account balance by correcting the ledger accounts Explains the effect of such corrections on a net profit/loss figure

Unit 9: Extended Trial Balance
This unit aims to:
 
Explain the concept of an extended trial balance Demonstrate how to extend a standard trial balance with the introduction of adjustments Calculate net profit or loss Check calculations by the format of a balance sheet in tabular form
 
Unit 10 Stock Valuation Regulatory Framework Data Protection Act
This unit aims to:
 
Demonstrate three methods of calculating stock valuations
Explains some of the legal requirements connected with book keeping and accounting
 
Leading to a number of recognised qualifications, this course looks in detail at the book-keeping processes and requirements of a range of different businesses. You will learn a range of book-keeping, accounting and business skills, and receive full preparation for gaining your chosen qualification.