Level 3 Diploma in Accounting

Level 3 Diploma in Accounting

How long it takes on average: 

12 months

Level 3 (Level 7 in Scotland)

Typical job opportunities: accounts payable clerk, assistant accountant, audit trainee, bookkeeper, credit controller, finance assistant, payroll administrator, tax assistant

Syllabus

1) Business Awareness

This unit provides students with an understanding of the business, its environment and the influences that this has on an organisation’s structure, the role of its accounting function and its performance. Students will examine the purpose and types for businesses that exist and the rights and responsibilities of the key stakeholders, as well as gain an understanding of the importance of professional ethics and ethical management within the finance function.

Percentage contribution of this unit to the overall qualification grade: 15%.

Learning outcomes

• Understand business types, structure and governance and the legal framework in which they operate.
• Understand the impact of the external and internal environments on business, their performance and decisions.
• Understand how businesses and accounts comply with principles of professional ethics.
• Understand the impact of new technologies in accounting and the risks associated with data security.
• Communicate information to stakeholders.

2) Financial Accounting: Preparing Financial Statements

This unit provides students with the skills required to produce statements of profit or loss and statements for financial position for sole traders and partnerships, using a trial balance. Students will gain the double-entry bookkeeping skills needed to record financial transactions into an organisation’s accounts using a manual bookkeeping system.

Percentage contribution of this unit to the overall qualification grade: 40%.

Learning outcomes

• Understand the accounting principles underlaying final accounts preparation.
• Understand the principles of advanced double-entry bookkeeping.
• Implement procedures for the acquisition and disposal of non-current assets.
• Prepare and record depreciation calculations.
• Record period end adjustments.
• Produce and extend the trial balance.
• Produce financial statements for sole traders and partnerships.
• Interpret financial statements using profitability ratios.
• Prepare accounting records from incomplete information.

3) Management Accounting Techniques

This unit provides students with the knowledge and skills needed to understand the role of management accounting in an organisation, and how organisations use such information to aid decision making. Students will learn the principles that underpin management accounting methodology and techniques, how costs are handled in organisations and why organisations treat costs in different ways.

Percentage contribution of this unit to the overall qualification grade: 30%.

Learning outcomes

• Understand the purpose and use of management accounting within organisations.
• Use techniques required for dealing with costs.
• Attribute costs according to organisational requirements.
• Investigate deviations from budgets.
• Use spreadsheet techniques to provide management accounting information.
• Use management accounting techniques to support short-term decision making.
• Understand principles of cash management.

4) Tax Processes for Businesses

This unit explores tax processes that influence the daily operations of businesses and is designed to develop students’ skills in understanding, preparing and submitting Value Added Tax (VAT) returns to HM Revenue and Customs (HMRC). The unit provides students with the knowledge and skills that are needed to keep businesses, employers and clients compliant with laws and practices that apply to VAT and payroll.

Percentage contribution of this unit to the overall qualification grade: 15%.

Learning outcomes

• Understand legislation requirements relating to VAT.
• Calculate VAT.
• Review and verify VAT returns.
• Understand principles of payroll.
• Report information within the organisation.