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 2 AND INTERNATIONAL ACCOUNTING STANDARDS

AIMS


The aims of this qualification are to enable candidates to develop:

    • an understanding of the basic principles underlying the recording of business transactions in accordance with the International Accounting Standards (IAS).
    • the ability to prepare and interpret accounts for sole traders, partnerships, non-trading organizations and limited companies.


TARGET AUDIENCE AND CANDIDATE PROGRESSION


This qualification is suitable for candidates who wish to understand bookkeeping and accounts in accordance to the International Accounting Standards. It is appropriate for candidates who are working, or are preparing to work in an accounting environment maintaining financial records and preparing accounts. Candidates attempting this qualification should have the knowledge and skills equivalent to the Certificate of Book-keeping Level 1.


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 2 is a single unit qualification that consists of the range of topics detailed below:


SYLLABUS TOPICS


BOOKKEEPING


    1. Advanced aspects of the syllabus for Certificate in Book-keeping level 1
    2. Partnerships
    3. Limited liability companies
    4. Incomplete records
    5. Manufacturing accounts
    6. Inventory valuation
    7. Non-trading organizations
    8. Control accounts
    9. Suspense accounts
    10. Calculation and interpretation of ratios
    11. Preparation, by the use of ratios, of simple financial statements

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 3 hours. There will be 5 questions on the examination paper. Candidates are required to answer 5 questions. No question will be compulsory. Each question will carry equal marks.

At least 2 of the following syllabus topics will appear on each examination:

    1. Partnerships
    2. Limited liability companies
    3. Incomplete records
    4. Manufacturing Accounts
    5. Control Accounts
    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%