ICB Certificate in Bookkeeping and Accounts Level 3

ICB Level 3 Certificate in Bookkeeping and Accounts

Unit 1: Underpinning Knowledge

• Understand the importance of adhering to a code of ethical principles
• Understand when and how to take appropriate action to cope with unethical behaviour
• Understand the legal differences between the structures of various types of businesses
• Understand the main accounting concepts that apply
• Understand the various accounting standards that are applied to the production of year-end accounts
• Understand the different VAT schemes that are available for use
• Understand the importance of being able to clearly communicate relevant information
• Understand the requirements for uploads to HMRC under making tax digital (as and when introduced)

Unit 2: Reconciliation of accounts and correction of errors

• Reconcile debtors and creditors control accounts
• Write off a bad debt
• Correct errors in the accounts

Unit 3: VAT Returns

• Reconcile the VAT account
• Complete a VAT return

Unit 4: Calculate and Post Adjustments to the Accounts

• Account for the disposal of fixed assets
• Understand the need to allow for, and be able to post, adjustments to the accounts
• Provide for revaluation of assets

Unit 5: Produce Draft Final Accounts for Internal Management Purposes

• Prepare a set of final accounts suitable for internal management purposes
• Calculate and post relevant amounts to appropriate profits as required
• Adjust capital share of partners

Unit 6: Interpretation of Financial Statements

• Understand the importance of interpreting financial statements for internal management purposes
• Analyse and interpret financial statements
• Prepare a cash budget