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Funding options available on our website
Embark on a transformative learning journey with the UK’s most innovative home study provider, offering courses designed to unlock your true potential and facilitate the career change you desire. Access our distance learning courses directly from anywhere, anytime, and acquire industry-recognised Professional Qualifications essential for advancing in your career.
Specifically, explore the flexible and convenient Accounting (Level 3) course, an ideal way to gain a diploma qualification. Whether you aim for further education, improved job prospects, or expanded knowledge, this comprehensive course allows you to prepare thoroughly for exams or careers through home study. Plus, it’s structured to be accessible and beneficial even if you have no prior knowledge in Accounting .
The Level 3 Diploma in Accounting stands as a foundational pillar for individuals aspiring to embark on a career in accounting or seeking to enhance their understanding of financial management. As an expert in this field, I recognise the immense value that accounting knowledge holds in today’s business landscape. Accounting serves as the language of business, enabling effective communication of financial information to stakeholders such as shareholders, managers, and investors. This diploma course offers a comprehensive journey through the intricate realms of accounting, equipping students with the requisite skills and knowledge to navigate the complexities of financial management with confidence and proficiency.
Ideal for aspiring accountants, general managers, and entrepreneurs alike, this diploma course serves as a versatile tool for individuals seeking to grasp the fundamentals of accounting and financial management. For those aspiring to pursue a career in accounting, this course serves as an invaluable starting point, providing a solid foundation upon which to build specialised expertise. Moreover, for general managers tasked with overseeing financial operations, this course offers invaluable insights into financial record-keeping, analysis, and reporting, empowering them to make informed decisions that drive organisational success. Similarly, entrepreneurs looking to launch their own ventures will find this course indispensable in understanding the financial intricacies of business operations and ensuring sound financial management practices from the outset.
Structured into ten meticulously crafted modules, this diploma course progresses seamlessly from fundamental accounting principles to advanced concepts in financial management. Each module is designed to build upon the preceding one, offering a logical progression that fosters a comprehensive understanding of accounting principles and practices. Throughout the course, students engage in exam preparation activities to reinforce learning and prepare for the final examination, ensuring a thorough grasp of the material. Additionally, selected modules feature references to curated websites, providing students with additional resources for practice, summaries, and real-world examples, thereby enriching their learning experience and facilitating practical application of theoretical concepts.
At its core, accounting serves as a vital tool for measuring, monitoring, and planning business operations. By acquiring proficiency in accounting techniques, students gain the ability to evaluate business performance, identify strengths and weaknesses, and communicate financial insights effectively to stakeholders. Accounting encompasses a range of skills, from recording and classifying data to conducting in-depth financial analysis and exercising sound judgment. As such, this diploma course not only equips students with technical accounting skills but also fosters critical thinking, analytical reasoning, and decision-making abilities essential for success in today’s dynamic business environment.
Digital certificate - Included
Open Learning College have undergone external quality checks to ensure that the organisation and the courses’ it offers meet a high standard. Regular reviews of our courses are carried out as part of the endorsement process.
The course depth and study has been benchmarked at Level 3 against level descriptors published by Ofqual.
Visit www.qualitylicencescheme.co.uk for more information.
1. You will receive your accreditation directly from QLS, once you have successfully completed your course (certification fees are included in the course fee).
2. You will receive the Open Pathway Accreditation Diploma (OPA.dip) from Open Learning College.
Course Key Topics
the Accounting (Level 3) course is divided into 10 modules.
Module 1: Purposes of Accounting and Records
This module introduces the subject and explains why we do what we do! Why it is necessary to have accurate financial records and how the most basic transactions are recorded.
Module 2: Verification of Records – Accounts and Balance Sheets
We now go beyond the ledger and start to think about compiling the most basic forms of financial statements. Why does the balance sheet balance? What is gross profit and what relationship does it have to net profit?
Module 3: Types of Business Organisations, Accounting Concepts and Further Aspects
Not all businesses are set up in the same way. What are the differences and what do they mean? Why are they important? Accounting concepts are the rules and the assumptions made in order to create accounts. You will be taught these vital principles.
Module 4: Internal Final Accounts of Limited Companies, Ratio Analysis and the Assessment of Business Performance
The accounts of limited companies are different from those of a sole trader or a partnership. You need to know how they are different and why they are different. So a huge chain of supermarkets makes a bigger profit than a local family owned store. No surprises there! But which is making a higher % net profit? Which is showing a higher % return on the capital tied up in the business? That is where ratios come in. You will be shown all the important ones.
Module 5: Introduction to Budgeting and Budget Control
If you are in any senior position in any business you are going to be controlling a budget. It goes with the territory. But what is a budget and why does it matter?
Module 6: Stock Valuation, Incomplete Records and Sources of Finance
Before a profit figure can be calculated we have to ascertain the value of the inventory at the end of the year. But what figure is the correct figure? What rules should we apply? Not all businesses maintain a full set of accounts. So how do we produce financial statements for a business without full double entry accounts? Or if the records have been destroyed by a fire, or inventory has been stolen, how do we arrive at accurate figures? That is the science of incomplete records!
Module 7: Accounting Standards, Published Accounts and Partnership Accounts
This deals with the correct format for producing accounts. How much detail has to be provided and in what format?
Module 8: Manufacturing Accounts
Factories need a special type of account. They have inventory of raw materials, partly finished goods and completely finished goods. Each one of these items must be accounted for and the correct profit calculated. To do this we have to create a “Manufacturing Account”. You will learn how.
Module 9: Costing
Costing is the science (some would say art) of deciding which cost goes where and why. It is not as simple or straightforward as you might think. There are various methods and rarely one correct answer for any question.
Module 10: Capital Investment Appraisal, Budgeting, Further Considerations and Social Accounting
Is an investment sound? Should we buy machine A or machine B? Which one we buy might depend on a lot of factors such as our cost of capital. Perhaps we shouldn’t buy either and just contract out that part of our manufacturing. The techniques you learn in this section will help you to make the correct decisions based on the information you have. You can also contact your tutor if you feel you need more practice in any of the topics covered in this course.
What Will You Learn?
Target Audience
You could be part of a large team, or you could be the only financially trained member of staff in a small enterprise. Accounting technicians can be employed in industry, commerce or the public sector. Most people in this job start their careers in a finance support role.
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