ICB Certificate in Advanced Bookkeeping & Accounts Level 4
Description
Unit 1: Limited Company Accounts
Prepare a set of final accounts for a limited company
Ddefine the term Limited Liability
Understand its legal status
Identify sources of capital – shares and debentures
Distinguish between capital and revenue reserves
Define shareholders’ equity
Account for the issue of shares and debentures
Account for dividends paid
Prepare a set of final accounts to include adjustments and provisions, debenture interest paid and accrued, treatment of dividends and provision for corporation tax.
Unit 2: Limited Liability Partnerships
Understand the nature of a limited liability partnership
Understand the reasons for setting up a limited liability partnership
Explain the limit of t…
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Unit 1: Limited Company Accounts
Prepare a set of final accounts for a limited company
Ddefine the term Limited Liability
Understand its legal status
Identify sources of capital – shares and debentures
Distinguish between capital and revenue reserves
Define shareholders’ equity
Account for the issue of shares and debentures
Account for dividends paid
Prepare a set of final accounts to include adjustments and
provisions, debenture interest paid and accrued, treatment of
dividends and provision for corporation tax.
Unit 2: Limited Liability Partnerships
Understand the nature of a limited liability partnership
Understand the reasons for setting up a limited liability
partnership
Explain the limit of the liability
Prepare a set of final accounts for a limited liability partnership
(internal management accounts only)
Unit 3: Incomplete Records
Prepare a set of final accounts for incomplete records
Determine the opening value of capital through the accounting
equation
Determine bank and cash balances
Prepare ledger accounts to determine missing values for sales and
purchases using mark up and margin, expenses and drawings
Identify capital expenditure
Identify stock loss
Prepare adjustments for accruals and prepayments
Prepare profit and loss account and balance sheet (manual system
only)
Unit 4: Advanced Partnership Accounts
Account for changes in a partnership
Prepare accounting entries for a change of profit sharing ratio
including the admission and retirement of a partner
Account for the treatment of goodwill on such a change in
partners
Account for a revaluation of assets in a partnership
Unit 5: Interpretation of Financial Statements
Understand the importance of interpreting financial statements for internal management purposes. Understand the link between profitability and liquidity.
Have an awareness of the problems that might arise if long term borrowing is significantly high in relation to capital invested in the business.
Analyse and interpret financial statements.
Calculate profitability ratios, liquidity/working capital ratios
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