What you'll learn at Level 3 (L6 Scotland)
Level 3 – Level 6 in Scotland - is the second level of the AAT Accounting Qualification. It introduces you to more complex accounting tasks, such as maintaining cost accounting records and the preparation of reports and returns.
This course is perfect if you’ve completed Level 2, or you’re already at a more intermediate level and looking to develop existing accounting skills.
- Preparation of final accounts for sole traders, developing your understanding of accounting systems and the environment and principles under which organisations operate.
- Accounting adjustments and accounting for fixed assets.
- Legal requirements and preparation of partnership accounts, showing division of profits after adjusting for interest on capital, interest on drawings and any salaries due to each partner.
- Preparation of final accounts for partnerships and developing skills in restructuring accounting information.
- Preparing final accounts for sole traders, including the accounting treatment required to incorporate accruals and prepayments, provision for depreciation, irrecoverable debts and allowance for doubtful debts.
- Principles of managing cash balances and deficits within an organisation.
- Advising on options available for raising finance and on investment of surplus cash, without detriment to the cash flow of normal business activities or risk to the organisation’s ongoing liquidity.
- Identifying why cost-accounting is an important tool for an organisation.
- Different approaches to cost accounting and making informed and reasoned judgements to guide management and help decision making.
- Understanding current VAT regulations and building your knowledge of VAT registration requirements, different VAT schemes available, penalties for non-compliance and the different types of classification of supplies
- Performing the calculations needed to complete a VAT return
- Submitting completed documentation in a timely manner while maintaining an effective working relationship with the relevant tax authority.
- How to use software for recording data in rows and columns, perform calculations with numerical data and present information using charts and graphs.
- 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.