IAB Level 3 Diploma in Cost And Management Accounting (VRQ)
The overall aim of this qualification is to accredit candidates’ knowledge and understanding of the fundamental principles concerned in the determining the cost of labour, materials and overheads so as to accurately ascertain the cost price and selling price of goods and/or services
Within the qualification, candidates have the opportunity to gain knowledge of the need for company’s to prepare reports for management and to be able to understand the outcome of those reports. Candidates will also be able to calculate Gross Pay and Employer Wages Costs, and complete the necessary calculations associated with Stock Valuation and other material costs. Candidates will also be able to develop the skills necessary to prepare for the calculation of any variance from cost price to selling price and in usage and labour, and more complex calculations relating to Stock. Finally the candidate will be able to prepare analysis of the way the company is performing.
The qualification requires candidates to understand the terminology relating to the costs of materials, overheads and labour, and be able to record these in the Books and accounts of the business. Accuracy, integrity and security of data should always be uppermost in the candidates mind.
Candidates may use this qualification as the basis of further study of manual systems at level 4 of the National Occupational Standards, and use it as underpinning knowledge for the study of the IAB Level 3 Diploma in Accounting and Advanced Book-keeping and the Level 2 Certificate in Manual Payroll
To be awarded the full qualification, candidates are required to successfully demonstrate their competence by means of one external examination. It will also provide progression to the NVQs in Accounting at Levels 3 and 4. Candidates will receive acknowledgement of successful completion of the qualification.