SYLLABUS (TO BE TESTED FROM JANUARY 2013)

Level III Diploma in Computerised Bookkeeping

Prior Knowledge:

Competence at ICB Level II. 

(1)       Stock

Prepare stock valuations and be able to:

• Apply FIFO and AVCO methods of valuation
• Create the entries for recording opening and closing stock adjustments

(2)       Accruals and Prepayments

Identify the need for such adjustments and be able to:

• Calculate accruals and prepayments and code appropriately
• Create the entries for accounting for accruals and prepayments
• Understand fully the effect of these on the final accounts

(3)       Provision for Bad and Doubtful Debts

 Account for and prepare a provision for bad and doubtful debts and be able to:

• Identify the need to provide such a provision
• Calculate the provision
• Create the entry for accounting for the provision
• Understand fully the effect of this on the final accounts

(4)       Acquisition and Disposal of Fixed Assets

            Account for the acquisition and disposal of fixed assets and be able to:

• Identify the original cost of the assets acquired and disposed
• Create entries to record all acquisition and disposal costs and revenues and code to the relevant accounts
• Identify and determine the cumulative depreciation to have on the disposal and create the entry to record this
• Extract and check the disposal account to identify profit or loss on disposal
• Understand fully the effect of an asset disposal on the final accounts

(5)       Provision for Depreciation

 Identify the need to provide for depreciation on fixed assets and be able to:

• Create entries to record depreciation of fixed assets on either straight line or reducing balance methods
• Create entries to record amortisation of intangible assets
• Extract a schedule of fixed assets to examine the NBV of the assets in each category
• Understand fully the effect of depreciation on the final accounts

(6)       Partnerships

Extract a set of final accounts for a partnership and be able to:

• Create the appropriate entries to account for:
• adjustments and provisions
• investment by partners
• interest on capital and drawings
• changes in partners
• allocation of goodwill
• Extract the Trading and Profit and Loss Account
• Create the appropriate entries to prepare and extract an appropriation account
• Extract the Balance Sheet
• Examine the print out of the accounts for completeness and to extract information.

(7)       Limited Company Accounts

Extract a set of final accounts for a Limited Company and be able to:

• Create the appropriate entries to account for:
• adjustments and provisions
• investment by shareholders
• debenture interest
• interim dividends
• provision for corporation tax
• Extract the Trading and Profit and Loss Account
• Extract the Balance Sheet
• Examine the print out of the accounts for completeness and to extract information.

(8)       Not-for-Profit Organisations

Extract a set of final accounts for a not-for-profit organisation and be able to:

• Create the appropriate entries to account for
• the accumulated fund
• adjustments and provisions
• donations and subscriptions
• Extract an Income and Expenditure (Trading and Profit and Loss) Report
• Extract the Balance Sheet
• Examine the print out of the accounts for completeness and to extract information.