Quality Licence Scheme Level 3 Accounting Diploma Entry Requirements
All students must be 16 years of age and above to enrol into our Level 3 Diploma courses.
Quality Licence Scheme Level 3 Diploma courses require a minimum prior learning to GCSE standard in order that students can manage their studies and the assumed knowledge within course content.
Approximately 20 hours per unit.
Optional coursework and final examination.
Please note that you can enrol on this course at anytime.
Quality Licence Scheme: https://qualitylicencescheme.co.uk/
This course has been endorsed by the Quality Licence Scheme for its high-quality, non-regulated provision and training programmes. This course is not regulated by Ofqual and is not an accredited qualification. Your training provider will be able to advise you on any further recognition, for example progression routes into further and/or higher education. For further information please visit the Learner FAQs on the Quality Licence Scheme website.
Quality Licence Scheme Level 3 Accounting Diploma Course Content
Quality Licence Scheme Level 3 Accounting Diploma Module One – Purposes of Accounting and Records
This module introduces the subject and explains why we do what we do! Why it is necessary to have accurate financial records and how the most basic transactions are recorded.
Quality Licence Scheme Level 3 Accounting Diploma Module Two – Verification of Records – Accounts and Balance Sheets
We now go beyond the ledger and start to think about compiling the most basic forms of financial statements. Why does the balance sheet balance? What is gross profit and what relationship does it have to net profit?
Quality Licence Scheme Level 3 Accounting Diploma Module Three – Types of Business Organisations, Accounting Concepts and Further Aspects
Not all businesses are set up in the same way. What are the differences and what do they mean? Why are they important? Accounting concepts are the rules and the assumptions made in order to create accounts. You will be taught these vital principles.
Quality Licence Scheme Level 3 Accounting Diploma Module Four – Internal Final Accounts of Limited Companies, Ratio Analysis and the Assessment of Business Performance
The accounts of limited companies are different from those of a sole trader or a partnership. You need to know how they are different and why they are different. So a huge chain of supermarkets makes a bigger profit than a local family owned store. No surprises there! But which is making a higher % net profit? Which is showing a higher % return on the capital tied up in the business? That is where ratios come in. You will be shown all the important ones.
Quality Licence Scheme Level 3 Accounting Diploma Module Five – Introduction to Budgeting and Budget Control
If you are in any senior position in any business you are going to be controlling a budget. It goes with the territory. But what is a budget and why does it matter?
Quality Licence Scheme Level 3 Accounting Diploma Module Six – Stock Valuation, Incomplete Records and Sources of Finance
Before a profit figure can be calculated we have to ascertain the value of the inventory at the end of the year. But what figure is the correct figure? What rules should we apply? Not all businesses maintain a full set of accounts. So how do we produce financial statements for a business without full double entry accounts? Or if the records have been destroyed by a fire, or inventory has been stolen, how do we arrive at accurate figures? That is the science of incomplete records!
Quality Licence Scheme Level 3 Accounting Diploma Module Seven – Accounting Standards, Published Accounts and Partnership Accounts
This deals with the correct format for producing accounts. How much detail has to be provided and in what format?
Quality Licence Scheme Level 3 Accounting Diploma Module Eight – Manufacturing Accounts
Factories need a special type of account. They have inventory of raw materials, partly finished goods and completely finished goods. Each one of these items must be accounted for and the correct profit calculated. To do this we have to create a “Manufacturing Account”. You will learn how.
Quality Licence Scheme Level 3 Accounting Diploma Module Nine – Costing
Costing is the science (some would say art) of deciding which cost goes where and why. It is not as simple or straightforward as you might think. There are various methods and rarely one correct answer for any question.
Quality Licence Scheme Level 3 Accounting Diploma Module Ten – Capital Investment Appraisal, Budgeting, Further Considerations and Social Accounting
Is an investment sound? Should we buy machine A or machine B? Which one we buy might depend on a lot of factors such as our cost of capital. Perhaps we shouldn’t buy either and just contract out that part of our manufacturing. The techniques you learn in this section will help you to make the correct decisions based on the information you have. You can also contact your tutor if you feel you need more practice in any of the topics covered in this course. Textbooks
This course is self-contained so you will not need to use any extra textbooks. However, you may find useful to read other books on this subject. The following books have been 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 Quality Licence Scheme Level 3 Accounting Diploma course can be used to gain entry to a Level 4 Diploma or higher.
Further information on our Level 4 Diplomas can be found here: https://www.oxfordcollege.ac/courses/accredited-level-4-diplomas/