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£2573.00 Course symbols: * IA Q F3 ALL
For those who have already achieved a Level 2 Certificate in Accounting, this course introduces you to more complex accounting tasks, such as maintaining cost accounting records and the preparation of reports and returns. Course fee includes exam costs of £270. There is an additional AAT admission fee to be confirmed which is paid by the student directly to AAT. Workbooks need to be purchased at a further cost. There will be two Saturday half day workshops on dates to be arranged.
a) guidance needed:
All students must attend the first session of this class, which will be a guidance session. At this session the tutor will discuss the course with you to ensure that it is the right course for you.
b) entry requirements:
Students enrolling on this course will:
• need to have level 2 (Foundation) AAT Certificate in Accounting. Proof of achievement will be needed at enrolment.
• be expected to sit an English and Maths Initial Assessment prior to being accepted onto the course. You can book your Initial Assessment online at www.tlcbexley.ac.uk. It is quick, simple and a confirmation e-mail will be sent to you. Alternatively you can call 020 3045 5176, quoting the course you are interested in and the course code, or visit one of our centres.
Initial Assessment is conducted to assess that you have the correct level of English and Maths necessary for the course and where required additional support can be put in place to help you succeed. If you are unsuccessful in your Initial Assessment, guidance will be given to you regarding a more suitable course.
Successful outcome of the initial assessment will lead to an invite to attend an information/accounting assessment session where students will learn more about the course and sit an accounting assessment to ensure that they are on the right course.
What you will learn
The course is made up of a number of units including
Final Accounts Preparation
Management Accounting: Costing
Further units Ethics for Accountants and Spreadsheets for Accounting will be covered as part of the final synoptic assessment.
How you will learn on this course
Demonstration, discussion and explanation from the tutor, group interaction with tutor and peers. Learners will receive instruction sheets, handouts, practice exercises and one-to-one tuition.
How you will be assessed on this course
1. Apply the principles of advanced double-entry bookkeeping
1.1 Demonstrate the accounting equation
1.2 Classify assets, liabilities and equity in an accounting context
1.3 Demonstrate the purpose and use of books of prime entry and ledger accounting
1.4 Apply ethical principles when recording transactions
1.5 Carry out financial period end routines
2. Implement procedures for the acquisition and disposal of non-current assets
2.1 Demonstrate the importance of prior authority for capital expenditure
2.2 Identify capital expenditure
2.3 Differentiate between funding methods for acquisition of non-current assets
2.4 Record acquisitions and disposals of non-current assets
3. Prepare and record depreciation calculations
3.1 Calculate depreciation
3.2 Record depreciation
4. Record period end adjustments
4.1 Record accruals and prepayments in income and expense accounts
4.2 Record irrecoverable debts and allowances for doubtful debts
4.3 Record inventory
4.4 Record period end adjustments
5. Produce and extend the trial balance
5.1 Prepare a trial balance
5.2 Carry out adjustments to the trial balance
5.3 Complete the extended trial balance
Final Accounts Preparation
1. Distinguish between the financial recording and reporting requirements of different types of organisation
1.1 Describe the types of organisation that need to prepare final accounts
1.2 Recognise the regulations applying to different types of organisation
2. Explain the need for final accounts and the accounting and ethical principles underlying their preparation
2.1 Describe the primary users of final accounts and their needs
2.2 Describe the accounting principles underlying the preparation of final accounts
2.3 Apply ethical principles when preparing final accounts
3. Prepare accounting records from incomplete information
3.1 Recognise circumstances where there are incomplete records
3.2 Prepare ledger accounts, using these to estimate missing figures
3.3 Calculate figures using mark-up and margin
3.4 Assess the reasonableness of given figures within a particular context
4. Produce accounts for sole traders
4.1 Calculate opening and/or closing capital for a sole trader
4.2 Describe the components of a set of final accounts for a sole trader
4.3 Prepare a statement of profit or loss for a sole trader in the given format
4.4 Prepare a statement of financial position for a sole trader in the given format
5. Produce accounts for partnerships
5.1 Describe the key components of a partnership agreement
5.2 Describe the accounting procedures for a change in partners
5.3 Describe the key components of partnership accounts
5.4 Prepare a statement of profit or loss for a partnership, in the given format
5.5 Prepare a partnership appropriation account, in compliance with the partnership agreement and in the given format
5.6 Prepare the current accounts for each partner
5.7 Prepare a statement of financial position for a partnership, in compliance with the partnership agreement and in the given format
6. Recognise the key differences between preparing accounts for a limited company and a sole trader
6.1 Describe the main sources of regulation governing company accounts
6.2 Describe the more detailed reporting arising from these regulations
Management Accounting – costing
1. Understand the purpose and use of management accounting within an organisation
1.1 Demonstrate an understanding of internal reporting
1.2 Demonstrate an understanding of ethical principles in management accounting
1.3 Critically compare different types of responsibility centres
1.4 Explain and demonstrate the differences between marginal and absorption costing
2. Apply techniques required for dealing with costs
2.1 Record and calculate materials, labour and overhead costs
2.2 Analyse and use appropriate cost information
2.3 Apply inventory control methods
2.4 Differentiate between cost classifications for different purposes
2.5 Differentiate between and apply different costing systems
3. Apportion costs according to organisational requirements
3.1 Calculate and use overhead costs
3.2 Calculate overhead recovery rates using traditional methods
3.3 Calculate overhead recovery rates using activity based costing
3.4 Demonstrate understanding of the under or over recovery of overheads
4. Analyse and review deviations from budget and report these to management
4.1 Calculate variances
4.2 Analyse and investigate variances
4.3 Report on variances
5. Apply management accounting techniques to support decision making
5.1 Estimate and use short-term future income and costs
5.2 Assess and estimate the effects of changing activity levels
5.3 Use long-term future income and costs
1. Understand and apply VAT legislation requirements
1.1 Identify and analyse relevant information on VAT
1.2 Explain the necessary interaction with the relevant tax authority
1.3 Describe the VAT registration, scheme choice and deregistration requirements
1.4 VAT invoices, required information and deadlines
1.5 Maintain knowledge of legislation, regulation, guidance and codes of practice
2. Accurately complete VAT returns and submit them in a timely manner
2.1 Extract relevant data from the accounting records
2.2 Calculate relevant input and output tax
2.3 Calculate the VAT due to, or from, the relevant tax authority
2.4 Make adjustments and declarations for any errors or omissions identified in previous VAT periods
2.5 Complete and submit a VAT return and make any associated payment within statutory limits
3. Understand the implications for the business of errors, omissions, and late filing and payment
3.1 Explain the implications for a business of failure to comply with registration requirements
3.2 Explain the implications for a business of failure to comply with the requirement to submit VAT returns
3.3 Explain the implications for a business of failure to comply with the requirement to make payment of VAT
3.4 Explain the implications for a business resulting from a failure to make error corrections in the proper manner or report errors where required to do so
4. Report VAT-related information within the organisation in accordance with regulatory and organisational requirement
4.1 Inform the appropriate person about VAT-related matters
4.2 Communicate information about VAT due to or from the tax authority
Ethics of Accountants
1. Understand the need to act ethically
1.1 Explain why it is important to act ethically
1.2 Explain how to act ethically
1.3 Explain the importance of values, culture and codes of practice/conduct
2. Understand the relevance to the accountant’s work of the ethical code for professional accountants
2.1 Explain the ethical code’s conceptual framework of principles, threats, safeguards and professional judgement
2.2 Explain the importance of acting with integrity
2.3 Explain the importance of objectivity
2.4 Explain the importance of behaving professionally
2.5 Explain the importance of being competent and acting with due care
2.6 Explain the importance of confidentiality and when confidential information may be disclosed
2.7 Explain the stages in the ethical code’s process for ethical conflict resolution
3. Recognise how to act ethically in an accounting role
3.1 Distinguish between ethical and unethical behaviour
3.2 Analyse a situation using the conceptual framework and the conflict resolution process
3.3 Develop an ethical course of action
3.4 Justify an appropriate action when requested to perform tasks that are beyond current experience or expertise
3.5 Explain the ethical responsibilities of accountants in upholding the principles of sustainability
4. Identify action to take in relation to unethical behaviour or illegal acts
4.1 Analyse a given situation in light of money laundering law and regulations
4.2 Identify the relevant body to which questionable behaviour must be reported
4.3 Report suspected money laundering in accordance with the regulations
4.4 Decide when and how to report unethical behaviour by employers, colleagues or clients/customers
Spreadsheets for accounting
1. Design and structure appropriate spreadsheets to meet customer needs
1.1 Organise data in a timely manner
1.2 Securely store and retrieve relevant information
2. Use spreadsheet software to record, format and organise data
2.1Select relevant data
2.2 Accurately enter data
2.3 Format data
3. Use relevant tools to manipulate and analyse data
3.1 Select and use a range of appropriate formulas and functions to perform calculations
3.2 Select and use relevant tools to analyse and interpret data
3.3 Select and use appropriate tools to generate and format charts
3.4 Edit and update data
4. Use software tools to verify accuracy and protect data
4.1 Use appropriate tools to identify and resolve errors
4.2 Assess that new data has been accurately added.
4.3 Protect integrity of data
5. Use tools and techniques to prepare and report accounting information
5.1 Prepare reports
5.2 Report accounting information
Qualification and exam information (only for courses leading to a qualification)
Qualification: AAT Level 3 Diploma in Accounting
Assessments are computer based. There are 4 unit computer based assessments at this level which are:
• Advanced Bookkeeping
• Final Accounts Preparation
• Management Accounting: Costing
• Indirect Tax.
There is also one synoptic assessment, which will cover all six units including Ethics for Accountants and Spreadsheets for Accounting.
Students must successfully complete four unit assessments and synoptic assessment to achieve this qualification.
Fees for exams are included in the course fee but any resits will be charged at £69.00 per resit and £75.00 for Synoptic Assessment resit. Fees shown are 2017/18 fees and are subject to changes
Students will be awarded an overall qualification grade Distinction, Merit or Pass. The raw marks of each assessment will be converted into a percentage mark and rounded up or down to the nearest whole number. This percentage mark is then weighted according to the weighting of the unit assessment or synoptic assessment within the qualification. The resulting weighted assessment percentages are combined to arrive at a percentage mark for the whole qualification. This will be explained by the tutor during the guidance session.
The examination costs are included within the total course fee. However resits are charged at £64 for all exams except synoptic assessment which is £70.
In addition to the course and examination fees there is an AAT admission fee of £43.00 and Student membership fee of £92.00 which you must pay directly to AAT. The fees are as at 1st September 2017, definite cost of this to be confirmed.
What you will be expected to do outside your lesson time
At least six to ten hours per week reading/practical exercises required
What you need for your course
Workbooks for the course need to be purchased at a discounted cost of approximately £100.00. Tutor will advise at first session.
What you need to bring to the first class
Pen, pencil, calculator, notepaper, USB memory stick
What you can do next
AAT Level 4 Diploma in Accounting - On completion of this level once the student has some relevant accounting experience they can then apply for full membership of the AAT including designatory letters after their name.
At the beginning of the course, you will have an induction to the College and the course. Your tutor will ask you to complete an Individual Learning Plan (ILP) and agree your personal learning goals.
All documents are a requirement of the Funding Agency, who expect that learners who enrol on a course leading to a qualification will take that qualification at the College.
All students on courses funded by the ESFA must complete a Learning Agreement and ILP.
3 Sidcup High Street,
Sidcup, DA14 6EN
Nearest Train Station: Sidcup.
Buses: 51, R11, 233, 321, 492
Limited parking on site, behind Waitrose and Travelodge turn right into St Johns Road and please park in the designated LECB space. Nearest public car park Grassington Road, entrance by Morrisons.
For further details of parking, please refer to https://www.bexley.gov.uk/services/parking