INTRODUCTION


FIC is a leading national training institution that was formed to provide various training courses. FIC now delivers National Qualifications. Our range of business-related qualifications are trusted and valued by employer nationwide and recognized by universities and professional bodies.


CERTIFICATE IN BOOK-KEEPING LEVEL 1 AND QUICKBOOKS

AIMS


The aims of the examination are to test the candidate’s:

    • Understanding of the basic principles underlying the recording of business transactions
    • Ability to maintain the books of, and prepare final accounts for, sole traders and non-trading organizations

ASSESSMENT OBJECTIVES


After successfully completing this examination candidates will be able to demonstrate an understanding of:

    • The Accounting Equation and the basis of double-entry book-keeping
    • The preparation of journal entries and ledger accounts by using the double entry system
    • The preparation of prime entry records for purchases, sales and cash
    • Banking facilities, the operation of the cash book and preparation of a bank reconciliation
    • The need to adjust for accruals and prepayments and how this should be undertaken
    • The entries necessary for the depreciation of fixed assets
    • The entries relating to the writing off of bad debts and making a provision for doubtful debts
    • The distinction between capital and revenue expenditure
    • How to correct errors in the accounts of sole traders
    • The preparation of a trial balance and the final accounts for sole traders

TARGET AUDIENCE AND CANDIDATE PROGRESSION


The examination is intended for those who work or wish to work in areas of business that will involve the recording of financial transactions. All businesses require accurate accounting records that are maintained on a regular basis. Consequently, there is a demand for employees who possess these skills. Successful candidates can progress to study for the Certificate in Book-keeping and Accounts Level 2 examination.


LEVEL OF ENGLISH REQUIRED


Candidates should have a standard of English equivalent to intermediate level for Business.


STRUCTURE OF THE QUALIFICATION


Certificate in Book-keeping Level 1 and QuickBooks is a single unit qualification that consists of the range of topics detailed below:


SYLLABUS TOPICS


BOOKKEEPING


    1. The Accounting Equation and the basis of double-entry book-keeping
    2. Recording transactions through double entry
    3. Balancing accounts
    4. Purchases/Sales/Returns
    5. The Ledger: its subdivision
    6. Day Books
    7. Bank facilities/methods of payment or receipt of money
    8. Cash Books and Cash discount
    9. Bank reconciliation
    10. Petty Cash Book and the Imprest System
    11. Trial Balance
    12. Adjusting for accruals and prepayments
    13. Depreciation of fixed assets
    14. Bad debts and provision for doubtful debts
    15. The Journal
    16. Capital and revenue expenditure
    17. Errors in the accounts
    18. Effect of Profit (or Loss) and drawings upon capital
    19. Trading and Profit and Loss Accounts
    20. The Balance Sheet
    21. Club and Society Accounts

QUICKBOOKS


    1. Installing QuickBooks
    2. Financial Application and QuickBooks
    3. Bookkeeping
    4. Managing Your Business

GUIDED LEARNING HOUR


FIC recommends that 140-160 additional learning hours is suitable course duration for an average candidate at this level. This figure includes direct contact hours as well as other time when candidates ‘work is being supervised by teachers. Ultimately, however, it is the responsibility of training centers to determine the appropriate course duration based on their candidates ‘ability and level of existing knowledge. FIC experience indicates that the number of learning hours can vary based on candidate competency.


EXAMINATION FORMAT


The time allowance for the examination is 2.5 hours. There are 4 questions on the examination paper. All of the questions are compulsory. All questions carry equal marks. The answers required will be predominantly quantitative. At least 2 of the following syllabus topics will appear on each examination:

    1. Bank reconciliation
    2. Petty Cash Book and the Imprest System
    3. Adjusting for accruals and prepayments
    4. Depreciation of fixed assets
    5. Bad debts and provision for doubtful debts
    6. Capital and revenue expenditure
    7. Trading and profit and loss accounts
    8. The balance sheet
    9. Club and society accounts

MARK ALLOCATION


A positive marking approach is used; although candidates will be penalized for initial calculation errors, they will gain marks for consequential ‘own figures’ as long as the correct use of principles has been demonstrated.


CERTIFICATION


Successful candidates will be awarded the Level 2 Certificate of Computerized Accounting System based on the achievement of the percentages and grades below:

    • Pass 50%
    • Merit 60%
    • Distinction 75%