Along with the Level 3 Diploma in Costing and Budgeting, this package is your route toward gaining the Level 4 Diploma in Advanced Bookkeeping and Accounting qualification from the Institute of Certified Bookkeepers.
Completion of this package plus 2 years experience could lead to becoming a Fellow member (FICB) of the ICB.
- All Exam Fees worth £415.00 Included
You need to have attained full ‘MICB’ status and have completed the ICB Level 3 course before enrolling on this course.
Pay in full to secure the biggest savings
- 12 monthly payments (interest free) of £114.00
- 24 monthly payments of £63.06 at 9.9% finance
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This course package includes:
- Workbooks containing lessons, examples, tasks and assignments
- Activity answer books
- Online assessments
- Additional resources for revision purposes
- Award winning qualified priority tutor support by e-mail and telephone
- Mock exams with tutor feedback
- Free Postage and packaging
- FREE access to ICB’s award-winning membership benefits scheme, ICBenefits
Courses covered in this bundle are: –
- Costing and Budgeting
- Self-Assessment Tax Returns
- Business Insight
- Financial Statements (Micro and Small Businesses)
- Corporation Tax for Small and Micro Entities
Click on each title above to view each course in detail, or click the course content tab above for a brief overview.
Exam Fees Included
You need to have attained full ‘MICB’ status and have completed the ICB Level 3 course before enrolling on this course.
Approximately 320-360 hours of average active study time.
Level 3 Diploma in Costing and Budgeting
- Distinguish between Financial Accounting and Management Accounting as information systems.
- Understand the relationship between Financial and Management Accounting systems.
- Explain how different types of businesses have differing information needs from their accounting system. E.g. Service, Retail and Manufacturing.
- Understand the importance of planning, budgeting and control within a business.
- Define the terms: Cost/Expense Centre, Profit Centre and Investment Centre.
- Identify and classify cost by: element, function and nature (behaviour)
- Classify the three elements of cost: Materials, Labour and Expenses.
- Distinguish between Direct and Indirect Cost (Overhead).
- Define the terms Cost Unit and Prime Cost.
- Classify cost by function: Production, Selling and Distribution and Administration.
- Classify cost by nature (behaviour): Fixed Cost, Stepped Fixed Cost, Variable Cost and Semi-Variable Cost.
- Understand the importance of identifying and reporting relevant information
- Report information to management in an orderly manner.
Accounting for Materials, Labour and Overheads
- Understand the importance of stock (inventory) control and its valuation.
- Define the terms: Maximum level, Minimum level and Re-Order Level
- Prepare stock (inventory) valuations for issues of materials and closing valuation based on FIFO and AVCO methods (periodic and perpetual methods.
- Explain what is meant by the term: The lower of cost or net realisable value
- Determine labour cost
- Distinguish between Direct and Indirect labour.
- Calculate the cost of labour based on the following methods of payment: time rates, piecework and bonus schemes.
- Calculate and identify the cost of overtime and idle (down) time.
- Determine material costs
- Distinguish between direct and indirect materials.
- Calculate the cost of materials used in a job or process.
- Understand the process of Allocation, Apportionment and Absorption (Recovery) of Overhead
- Explain the meaning of the term Absorption Costing.
- Prepare an overhead analysis to show overheads clearly allocated directly, or apportioned to, a cost centre.
- Determine an overhead recovery (absorption) rates based on labour or machine hours.
- Calculate the overhead chargeable to a job, batch or process using an appropriate overhead recovery rate
- Identify the characteristics of various costing systems
- Explain the characteristics of the following costing systems: Job, Batch and Process.
- Calculate the cost of a job, process or service
- Prepare the cost of a job, process or service identifying clearly the main elements of cost.
- Calculate the profit or loss on a particular job, process or service.
- In the preparation of the cost of a process students need to demonstrate an understanding of Normal and Abnormal gains/losses.
- Calculate the cost and selling price using mark up and margin.
Break Even Analysis
- Understand the principle of Marginal Costing as an aid to decision making.
- Understand the terms: Contribution, Break-Even Analysis, Break-Even Point and Margin of Safety.
- Calculate the break-even point of a business in terms of units of output and value of turnover by the use of a break-even chart or by formula.
- Determine the margin of safety and explain why such information is useful to management when making decisions.
Introduction to Budgets and Budgetary Control
- Prepare a budget for: Income, Labour, Material and Overhead
- Understand why it is important for businesses to prepare budgets.
- Explain the role and purpose of functional budgets.
- Prepare a budget to show: income, labour, material and overhead cost for a budget period.
- Prepare a Cash Budget
- Prepare a Cash Budget on a month by month basis.
- Explain why it is important that businesses plan their cash flow.
- Compare budget to actual performance and analyse the variances for income and the elements of cost
- Prepare a flexible budget to make a ‘like with like’ comparison to actual performance and identify the variances.
- Explain to management the possible causes of the variances for labour, material and overhead together with the sales variance. NB the analysis will not include any sub-division of the variances.
The Level 4 Certificate in Self-Assessment Taxation is made up of six topics:
- Underpinning Knowledge
- Entering Details of Personal Income onto a Self-Assessment Return
- Entering Details of Business Income and Expenditure for Unincorporated Businesses onto the Relevant Returns
- Chargeable Gains
- Calculate Tax and National Insurance Contributions due and File Returns
- Foreign Income and Residence Basis
The learning outcomes for each topic are listed below:
Topic 1 – Underpinning Knowledge
1.1 Duties and Responsibilities of the Bookkeeper / Tax Agent
1.2 Explain what is meant by the terms: Income Tax, Capital Gains Tax
1.3 Explain the principles of taxation appropriate to individuals, Sole Traders and Partnerships
1.4 Identify the main sources of Income and reliefs for an individual
1.5 Identify the types of returns that may be completed
1.6 Identify sources of assistance
Topic 2 – Entering Details of Personal Income onto a Self-Assessment Return
2.1 Identify the main sources of personal income
2.2 Identify the various types of tax reliefs that can be claimed
2.3 Identify the elements of Employment Income and allowable expenses, and complete the relevant pages
2.4 Explain the types of Income from property and allowable expenditure and complete the relevant pages
Topic 3 – Entering Details of Business Income and Expenditure for Unincorporated Businesses onto the Relevant Returns
3.1 Identify the returns that need to be completed by sole traders and partners
3.2 Explain the principle of basis periods applicable to sole traders and partnerships
3.3 Explain the purpose of, and determine, adjusted trading profits for sole traders and partnerships
3.4 Explain the purpose of Capital Allowances (Equipment, Motor Vehicles and Other)
3.5 Identify trading losses for individuals and partnerships
3.6 Complete the partnership return and the relevant section of the self-assessment return
3.7 Complete the relevant sections of the self-assessment return
3.8 Explain the purpose of Simpler Income Tax for the Simplest Small Business and complete the Self-Assessment Return
Topic 4 – Chargeable Gains
4.1 Explain the elements of capital gains tax
4.2 Apply relief’s deferrals and exemptions
4.3 Explain the treatment of gains and losses
Topic 5 – Calculate Tax and National Insurance Contributions due and File Returns
5.1 Determine taxable income and tax payable
5.2 Identify NI Contributions payable
5.3 Explain the procedure for payment and administration
Topic 6 – Foreign Income and Residence Basis
6.1 Explain how to treat foreign income
6.2 Explain the criteria for residence and remittance
Level 4 Business Insights
Chapter One – Understanding Cost behaviour
- The Importance of Costing
- Understanding Cost Behaviour
- Separating Fixed and Variable Elements – The High-Low Method
- Value Analysis / Value Engineering
Chapter Two – Forecasting and Budgeting
- Limitations of information used for decision making
- Factors to consider when forecasting future sales
- Approaches to preparing sales forecasts
- Purpose of preparing budgets
Chapter Three – Preparing Budgets
- Standard Costing
- The Master Budget
- The Key Budget Factor
- The Sales Budget
- The Production Budget
- The Materials Usage and Purchases Budgets
- The Labour Usage and Cost Budgets
- The Overheads Budget
- The Budgeted Income Statement
Chapter Four – The Cash Budget
- The Cash Budget
- Including the Bank Balance in the Cash Budget
- Preparing a Cash Budget Using Changes in the SFP
Chapter Five – Targets and Monitoring Performance
- Prepare a Flexed Budget
- Reasons for Variances
- Using Flexed Budgets for Different Scenarios
- Performance Measurement
- Non-Financial Performance Indicators
- Labour Control Ratios
- The Balanced Scorecard
Chapter Six – The Operating Cycle
- The Operating Cycle
- You have been given the following information
- Backwards Ratios
- The Need for Funding to Finance the Operating Cycle
- The Costs of Holding Current Assets (Stock)
- Managing the Operating Cycle by Reducing Investment in Stock
- Managing the Operating Cycle by Reducing Investment in Debtors
- Other Options to Reduce the Investment in Debtors
Chapter Seven – Short Term Financing Decisions
- Sources of finance
- Other Sources of Finance
- Short-term versus Long-term Finance
Chapter Eight – Short Term Decision Making
- Relevant Costs
- Non-Relevant Costs
- Make or Buy?
- Non-Financial Factors
- Closure (Shutdown) Decision Making
Chapter Nine – Capital Investment Decision Making
- The Time Value of Money
- Present Values of Future Cash Flows
- The Payback Period
- The Internal Rate of Return
Level 4 Corporation Tax for Small and Micro Entities
This qualification will enable the candidate to carry out the role of an employed or self-employed bookkeeper, and/or tax agent, submitting relevant documents to both Companies House and HMRC on behalf of clients or employers for limited liability entities in accordance with FRS105 and FRS102 Section 1A.
- 1.1 Understand the duties and responsibilities of a Tax Agent
- 1.2 Understand what is meant by an accounting period for Corporation Tax purposes
Calculate Adjusted Trading Profits
- 2.1 Understand the purpose of adjusted trading profits and identify disallowable expenditure
- 2.2 Compute adjusted trading profit for the period
- 3.1 Understand the nature and purpose of capital allowances
- 3.2 Prepare a computation for capital allowances
Calculation of Profits Chargeable to Corporation Tax
- 4.1 Understand Taxable Total profits
- 4.2 Determine the Corporation Tax Liability
- 4.3 Complete a CT Return
Gains Losses and Reliefs
- 5.1 Understand the procedure for determining gains and losses
- 5.2 Apply reliefs, deferrals and exemptions
- 5.3 Distinguish between Trading and Non-Trading Losses
Payment and Administration
- 6.1 Understand the process of payment and administration
These exams can all be taken from home or work.
We will pay for the cost of your exams (up to the combined value of £415.00) with this package. The cost of exams can increase at the discretion of the awarding body (ICB). We will pay for all exam fees up to the agreed value at the time of purchase, but any increase in exam fees will need to be paid for by the student.
The qualification will be graded at Distinction, Merit or Pass.
This assessment is a home or work place based assessment and will be graded as follows:
- Distinction 95 -100%
- Merit 90 – 94%
- Pass 85 – 89%
- Fail 0 – 84%
*Examination conditions may be subject to change at the discretion of the awarding body.*
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