What you'll learn at Level 2 (L5 Scotland)
Level 2 - Level 5 in Scotland - covers a range of basic accounting practices and techniques, from costing and double-entry bookkeeping to computerised accounting. It's Ideal if you’re new to working in finance or you’re looking to expand and develop your foundation knowledge and skills.
- Principles and procedures related to processing business transactions, financial documents and payments for customers and suppliers
- Developing skills in processing ledger transactions and preparing an initial trial balance.
- Maintenance and reconciliation of a cash book by accurately entering receipts and payments, balancing off the book and reconciling with bank statements.
- Knowledge and understanding of the UK banking system and related organisational activities.
- Petty cash transactions and the importance of the Journal as a primary accounting record.
- Maintaining control over debtors and creditors, aided by preparation and use of debtor and creditor control accounts.
- Non-standard bookkeeping transactions and double-entry bookkeeping records.
- Developing transferable skills and effective working in an accounting environment.
- Teamwork skills and the ability to work independently.
- Demonstrating workplace-ready standards of literacy and numeracy.
- Cost recording systems within an organisation and how best to respond to requests for information relating to costs and expenditure.
- Recording and extracting information, and using a costing system to provide information for management.
- Selecting and using computerised accounting or bookkeeping software to input and process data for orders, invoices, receipts and payments.
- Preparing management and period-end reports.
Please note, this is an additional learning and assessment area for level 2 apprenticeship students only.
- Importance of ethical duties and how to work within the code to ensure that the public can gain confidence in accounting practices or functions.
- Protecting your and your organisation’s professional reputation and integrity.