Course Overview

Various scenarios are covered including the preparation of Financial Statements for non-profit making organisations and from a set of incomplete records.  Learn how to eliminate errors, use a Suspense Account, and calculations relating to stock, prepayments, accruals and bad debts. Appreciation of the importance of accuracy, integrity and security of data will become second nature to you.

Pre-requisites

No previous experience is required to access this course. It is recommended that you have already achieved the IAB Level 2 Certificate in Book-keeping or have relevant experience in book-keeping.

Qualification

IAB Level 3 Diploma in Accounting & Advanced Book-keeping

Support and benefits

•  This qualification allows you to apply to the Association to become a member and use the letters MIAB after your name, offering you a wider choice of career opportunities
•  Access to a dedicated tutor and student advisors to guide you through your studies
•  Professionally developed study units

Course Code

M23

Hours of study

9 months / 80 hours

Technical requirements

Exam fees are additional to your course fees.

Key topics

• Suspense Accounts and Book-keeping Errors

Learn how to use a Suspense Account and how to eliminate book-keeping errors.

• The Trading Account, the Profit and Loss Account and the Balance Sheet

Examine the form and function of the Trading Account, the Profit and Loss Account and the Balance Sheet.

• Accounting Concepts and Accounting Policies

Learn the various accounting concepts and policies, and how these should be applied.

• Items of Income and Expenditure

Learn how to categorise items of income and expenditure for the purpose of preparing financial statements.

• The Maintaining of Records and Accounting Adjustments

Learn how to maintain records. Examine how to make adjustments to account for stock, as well as for prepayments and accruals. Discover how to account for the depreciation and disposal of fixed assets, as well as for bad and doubtful debts.

• Sole Traders

Discover how to prepare financial statements for a sole trader, including how to prepare statements from incomplete records. Learn how to prepare an Extended Trial Balance for a sole trader.

• ‘Not for Profit’ Organisations

Learn how to prepare a financial statement for a ‘not for profit’ organisation.

• Partnerships

Learn how to maintain records and prepare financial statements for a partnership. Discover how to account for changes in the composition of a partnership.

Outline

Your study materials contain mock examination papers for you to complete, along with solutions. If however, you would like to discuss any aspect of your mock exams, please request a tutor call.

Breakdown

For your actual IAB assessment you're required to sit two, 2 hour exams and a practical case study consisting of two compulsory and a choice of two from three manual tasks.

Notes

The pass mark for the exam is 55%.

The exam fee is additional to your course fee.

The format of the exam is subject to change. The details provided are intended only as a guide and should not be regarded as definitive.