Syllabus Information
Type of Examination: Assessment at home (non-timed)
Prior Knowledge:
Competence at ICB Level II
Prerequisites:
Candidates must have achieved the following ICB Bookkeeping qualifications, or gained exemptions from them, before applying:
- Level I Certificate in Basic Bookkeeping
- Level II Certificate in Manual Bookkeeping
- Level II Certificate in Computerised Bookkeeping
Candidates must also:
- have completed the preceding ICB qualification within the last two years
- hold valid ICB student registration or ICB membership
Syllabus Detail:
(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.
