| Level III Diploma in Bookkeeping (Manual or Computerised)
Having achieved the Level II qualification in either manual or computerised bookkeeping, students may progress to the Level III 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 or loss on the disposal of a
fixed asset to the profit and 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 book-keeping 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
4) Produce the ledger work required for the issue
of shares and debentures
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