The qualification requires candidates to understand the use of the Journal and the preparation of the Trading Account, Profit and Loss Account and Balance Sheet, which form the Financial Statements. Various scenarios are covered including the preparation of financial statements for non profit making organisations and from a set of incomplete records. Accuracy, integrity and security of data should always be uppermost in the candidates mind.
Candidates may use this qualification as the basis of further study of manual systems at Level 4 of the National Occupational Standards, and use it as underpinning knowledge for the study of the IAB Level 3 Diploma in Computerised Accounting. To be awarded the qualification, candidates