Learners who complete the qualification successfully will have a comprehensive range of knowledge and practical skills and will be able to apply this in a variety of accounting and finance job roles. They will have an understanding of the function of finance within organisations and knowledge of the basic principles of accounting. They will also have the skills required to prepare, check and use the source documents from which business transactions are processed. They will develop skills that will enable them to understand bookkeeping systems, using main books, subsidiary books and books of prime entry. They will acquire the skills to be able to check the accuracy of their work and identify errors in the bookkeeping system. They will also be able to correct bookkeeping errors and redraft accounting entries following the correction of errors. Learners will have an understanding of how the VAT system operates and the ability to calculate VAT.

Learners will appreciate the importance of professional ethics and codes of conduct, and will understand the need to work collaboratively within a team on accounting and financial activities. They will also be able to distinguish between activities related to financial and management accounting.

Learners will understand the significance of clear and effective communication and be aware of the risks and benefits of the use of different communication channels. They will also learn how to use accounting and finance software packages effectively and understand how these can be used to accurately input and manage data. Learners will understand the need for appropriate data security and safety requirements to be fully met.

Successful completion of the qualification will give learners knowledge of the types of business entity that operate in the private sector of the UK economy, an understanding of how private sector entities are owned and controlled, and how business ownership affects the personal financial liability of a business’s owner(s).