ICB Manual Bookkeeping Level 2 (Papers B1 & B2)

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ICB Manual Bookkeeping Level 2 (Papers B1 & B2)

UK Open College
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Description

Unit 1: Underpinning Knowledge

Understand the importance of adhering to a code of Professional Ethics
Understand the basic differences between the structures of different types of businesses
Understand the importance of legislation that applies to bookkeepers
Understand the basic elements of a contract
Understand the Accounting Equation
Understand the concept of reporting on a cash basis for income tax purposes
Identify the various methods of payments and receipts to and from a bank account
Understand the need for bank security
Understand the basic accounting concepts
 

Unit 2: Business Documents

Understand the purpose and range of business documents.
Understand the need to accurately prepare busin…

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Didn't find what you were looking for? See also: Bookkeeping, Accounting, Tax Accounting, Business Administration, and Payroll.

Unit 1: Underpinning Knowledge

Understand the importance of adhering to a code of Professional Ethics
Understand the basic differences between the structures of different types of businesses
Understand the importance of legislation that applies to bookkeepers
Understand the basic elements of a contract
Understand the Accounting Equation
Understand the concept of reporting on a cash basis for income tax purposes
Identify the various methods of payments and receipts to and from a bank account
Understand the need for bank security
Understand the basic accounting concepts
 

Unit 2: Business Documents

Understand the purpose and range of business documents.
Understand the need to accurately prepare business documents for goods supplied
Understand the need to check business documents received

Unit 3: Ledger Accounts & The Division of the Ledger

Understand the purpose of, and make entries into, the ledger accounts
Use a set of control accounts in the ledgers
 

Unit 4: Books of Prime Entry Entry

Understand the purpose of, and make entries into, the books of prime entry
Explain how the books of prime entry integrate with the ledgers
Entering invoices and credit notes into books of prime entry
Preparing sales day book, sales returns day book, purchase day book and purchase returns day book
Prepare an opening journal entry for a business
Prepare a journal entry to record purchase of a fixed asset

Unit 5: Accounting for VAT

Understand the process of dealing with and accounting for VAT in the ledgers
Explain the differences in levels of VAT - Standard, Zero, Exempt and outside the scope
Extract VAT from VAT inclusive amounts
Correctly account for input and output tax in the ledgers
Explain significance of debit and credit balances in the VAT accounts
Understand how VAT is calculated and entered into the books of account for invoices:

Invoices to customers and suppliers from outside the EU that are zero rated
Invoices to customers and from suppliers outside the UK but within the EU that
a) are not registered for VAT in their own country
b) are registered for VAT in their own country

Unit 6: Making & Receiving Payments

Understand the use of an analysed cash book
Record income and expenditure into an analysed cash book
Understand the purpose and need to record petty cash
Understand the purpose and use of the two and three column cash books

Unit 7: Trial Balance

Understand the purpose and use of the trial balance

Prepare a trial balance from the ledger accounts

Understand what to do if the trial balance does not balance

Open a suspense account where applicable to account for any imbalance

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