Accredited Level 3 Accounting Diploma Entry Requirement
Entry to this Accredited Level 3 Accounting Diploma requires that potential students have gained GCSE/IGCSE or equivalent qualifications and have, good English oral, reading and writing skills.
Advice on enrolment and guidance of prior learning (APL) can be obtained through out contact centre. The course is a rolling programme and can be started at any point in the year. Successful students can go on to Higher Education, including remaining as students at OLC to complete courses in our portfolio of higher awards.
All students must be aged 16 or over.
The coursework is assessed through continuous assessment with no formal exit examinations.
Approximately: 200 hours of personal study time for the entire course is recommended. All of which is supported by the OLC Course Tutor, who we greatly encourage students to access support from throughout their course.
This course has been developed by the College’s professional team of tutors to meet the needs of sector based employers and employees. It is also part of the College’s validated level three Diplomas’, recognised internationally, as verified and moderated Centre for Interactive Education (CIE Global). Further details of our accreditations are provided on our website.
Accredited Level 3 Accounting Diploma Course Content
Module One – Purposes of Accounting and Records.
This module introduces the subject and explains why it is necessary to have reliable financial records and how double entry bookkeeping works.
Module Two – Verification of Records – Accounts and Balance Sheets
In this unit you will learn about producing simple profit and loss accounts together with balance sheets.
Module Three – Types of Business Organisations, Accounting Concepts and Further Aspects
There are various ways in which a business can be set up. Sole trader? Partnership? Limited Company? In this unit you will learn about the differences between these types of organisation and the effect that those differences make to how their accounts are presented.
Module Four – Internal Final Accounts of Limited Companies, Ratio Analysis and the Assessment of Business Performance
This deals with the internal financial workings of the business. A big company should make a bigger profit than a small partnership- but does that mean that it is more efficient? If you are trying to obtain finance from a bank, for example, these calculations are often more important than the balance sheet and profit and loss accounts.
Module Five – Introduction to Budgeting and Budget Control –
There are various ways of budgeting. Are some ways more appropriate than others? As well as learning the techniques you will learn the reasons behind different budgeting methods and when each one is most suitable.
Module Six – Stock Valuation, Incomplete Records and Sources of Finance
This is a very practical element of the course. How do you produce a set of accounts when there is not a complete set of accounting records? Think about an insurance claim following a fire or theft! How can you quantify the amount of inventory destroyed if- well- it has been destroyed? This really is an introduction to the Sherlock Holmes world of working out the missing figure. Here there is also a short sub unit on sources of finance for the business. Different sources are appropriate for different projects.
Module Seven – Accounting Standards, Published Accounts and Partnership Accounts
These are the rules which are followed in drafting financial statements. It is important underpinning knowledge which you need to have at your fingertips. Think of it as “Rules of the game”.
Module Eight – Manufacturing Accounts
If you are actually making things, rather than simply buying and selling goods, then you need a different type of accounts. The accounts of a factory have to deal with stock of raw materials, stock of finished goods and the intermediate stage called “work in progress”. These accounts are what are known as “Manufacturing Accounts” and need to be completed before a profit and loss statement can be produced.
Module Nine – Costing
How are costs allocated between different parts of the business. It might sound a simple question, but it is not. You will learn the basic principles and some pragmatic methods. You will also start to understand why it is far from being simple!
Module Ten – Capital Investment Appraisal, Budgeting, Further Considerations and Social Accounting
Business is all about taking risks. If you are not prepared to take a risk you will not get very far in business! No decision can remove that inherent risk but by making decisions based on hardnosed financial considerations you should greatly increase your chances of making the correct decisions. That is what is at the core of this unit.
The course is self-contained so you do not need to use any extra textbooks. You may, however, find it useful to read other books on the subject. There are many excellent works available The following books are recommended:
- Business Accounting 1 – Frank Wood & Alan Sangster, FT Prentice Hall. ISBN 0273655523
- Business Accounting 2 – Frank Wood & Alan Sangster, FT Prentice Hall. ISBN 0273655574
- Business Accounts – David Cox, Osborne books
This Accredited Level 3 Accounting Diploma can be used to gain entry to a Level 4 Diploma or higher.
You can view a list of our Level 4 Diplomas here: