The qualification requires candidates to understand the legal structure of a limited liability company and the preparation of the Trading Account, Profit and Loss Account and Balance Sheet, which form the Financial Statements, using UK Accounting Concepts and International Accounting Standards. Various scenarios are covered including the preparation of financial statements for those businesses who operate as a parent company incorporating one subsidiary company.

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 5 of the National Occupational Standards, and use it as underpinning knowledge for the study of a Foundation degree in a relevant subject area.

To be awarded the qualification, candidates are required to successfully demonstrate their competence by means of an external examination. It will also provide progression to the NVQ in Accounting at Level 4. Candidates will receive acknowledgement of successful completion of the qualification.

How will I be assesed?

You will sit an examination at London Waterloo Academy (exam centre) set and marked by the IAB. The exams are usually set during the last week of January or June. Your tutor will advise you of your exam date.