Level 4 Extended Diploma in Accounting and Finance

This Extended Diploma is being designed to be in alignment with the various professional Accountancy bodies.  It is designed to provide a broad understanding and application of the accounting and business disciplines to equip learners who are keen to take up employment in the accounting profession. Those who are keen to further their education can progress on to either the London Examinations Board Higher Diploma or gain entry and acceptance into Year 2 of a Bachelor degree in accounting and finance.

Overall Programme Outcomes

On completion of this programme, learners will be able to demonstrate knowledge and understanding of:

• Integrative knowledge and comprehension on key concepts/principles and practices in the field of Accounting and Finance and its related body of knowledge
• A competent degree of professionalism in undertaking Accounting and Finance operational tasks and roles
• Identify, analyse and solve problems in the workplace and contribute to organizational improvement relating to Accounting and Finance matters and issues
• Communication skills both verbally and in written communication to convey ideas, issues, problems and solutions to both experts and non-expert in the work place
• Ethical values in the workplace required by personnel involved in the field of Accounting and Finance

Assessments

Assessments are based on course work, assignments, work based reports submitted by a learner and some modules will have an unseen examination consisting of multiple choice questions.

Entry Requirements

No prior knowledge is required, but applicants should:

• Have a Level 3 (QCF) Certificate; or
• 2 GCE A Levels and its equivalents; or
• Be a working adults with a few years of working experience.

Programme Structure

The Level 4 Extended Diploma in Accounting and Finance accrues 120 credits over 8 Units. Each Unit carries 15 credits and are in:

• Module 1: Fundamentals of Financial Accounting
• Module 2 – Principles of Management
• Module 3 – Business Economics
• Module 4 – Business Numeracy and Finance
• Module 5 – Business Law
• Module 6 – Information Systems for Business
• Module 7- Fundamentals of Management Accounting
• Module 8- Ethics and Corporate Governance

Module 1: Fundamentals of Financial Accounting

Upon completion of this unit, learners will be able to:

• Practice the basic concepts of accounting and comply with accounting regulatory and legal framework
• Comprehend basic steps of the recording process in the accounting cycle
• Prepare various accounts for transactions including relevant financial statements
• Apply the important practice of internal control

Module content includes:

• Basic Accounting Concepts
• The Accounting Equation
• Analyzing Transactions: Journalizing and Posting
• Accounting Cycles
• Accounting for Merchandising Business
• Prepare Accounts for Transactions
• Prepare Financial Statements for Single Entity
• Accounting Systems and Internal Controls
• Cash and the Internal Control
• Bank Reconciliation

Module 2: Principles of Management

Upon completion of this unit, learners will be able to:

• Identify and differentiate the managerial functions
• Apply and use the concept of management functions
• Analyse the environment and use it in management activities

Module content includes:

• Introduction to Management
• Organisation and Environment
• Foundation of Planning
• Planning Tools
• Organizational Structure and Design
• Communication in Organisation
• Managerial Control.

Module 3: Business Economics

Upon completion of this unit, learners will be able to:

• Analyse how macroeconomic forces at work in an open economy determines the level of business economic activities including its impact on the equilibrium national income, economic growth, employment level, balance of payments as well as on the general price level.
• Acquire relevant knowledge on how economics decision can be made in managing and making management decision pertaining to price-output-cost behaviour of firms aimed at profit maximisation with or without government trade policies or other measures such as monetary and fiscal policies.
• Analyse how the market determines both prices of final goods and services as well as prices/cost of factors of production.
• Evaluate the limitations of the free market which lead to market failures and its impact on prices, efficiency of market operations and economic welfare and how the government can response to market failures.

Module content includes:

• How markets work for determining prices of final goods and services as well as factors of production
• Market failures and the economics of the public sector
• Firm behavior and the organization of industry
• The determination of macro-economic variables
• International trade and balance of payments
• The trade cycles and economic activities fluctuations
• International financial systems
• Roles of international financial institutions

Module 4: Business Numeracy and Finance

Upon completion of this unit, learners will be able to:

• Apply financial mathematics in calculating and preparing forecast relating to cash flow, working capital requirements to facilitate better decision making.
• Evaluate financial investment and financing of assets alternatives and thereby help in minimizing the risk and maximizing the return.

Module content includes:

• Mathematical Formulae
• Basic Algebra
• Data Analysis and Presentation
• Correlation and Time Series
• Pearson’s correlation coefficient
• Business Computation
• Cash Flow, Working capital management and short term financing
• Sources of short term financing
• Cash and marketable securities management
• Accounts receivable management

Module 5: Business Law

Upon completion of this unit, learners will be able to:

• Identify the main sources of commercial/business law in which behavior within society is regulated
• Understand the meaning and applications of the different provisions of the law of contract in business transactions including standard and exemption clauses, conditions and warranties, remedies and breaches of contract
• Identify relevant employment law provision which governs the employer and employee relationships
• Application of the appropriate laws relating to the financing and management of companies limited by shares

Module content includes:

• Introduction to the Concept and Sources of Law
• Offer and Acceptance
• Consideration
• Other Essentials of a Contract
• Contents of a Contract
• Void, Voidable and Unlawful Contracts
• Discharge or Contracts
• Employment Law
• Company Administration
• Finance and Management of companies

Module 6: Information System for Business

Upon completion of this unit, learners will be able to:

• Apply the use of IT/IS applications to facilitate business process
• Identify the current technology trends and IT
• Help the organization to evaluate and purchase a new system that is high quality and consistent with business goals
• Identify the needs of organizations in order to develop the information vision, IT architecture and strategic operational plans

Module content includes:

• Introduction: Business and Information Technology
• Organizations and Information Technology Support
• Managing Organizational Data and Information
• Functional and Enterprise System
• Strategic Information Systems and Reorganization
• Implementing IT: Ethics, Impacts and Security

Module 7: Fundamentals of Management Accounting

Upon completion of this unit, learners will be able to:

• Adhere to the role and standard expected in the practice of management accounting in both the private and public sector bodies
• Apply appropriate methods for identifying cost and cost behavior
• Prepare budgetary control statements, variance analysis and integrated accounts in a costing environment
• Analyse and apply appropriate tools for making decision pertaining to investment both in the medium and longer term

Module content includes:

• Methods of identifying cost
• Cost behaviour
• Budgetary control
• Prepare statements of variance analysis
• Integrated accounts in a costing environment
• Break even analysis
• Approaches for use in decision making
• Use of investment appraisal techniques

Module 8: Ethics and Corporate Governance

Upon completion of this unit, learners will be able to:

• Demonstrate an understanding of the importance of business ethics to business generally and to the professional accountant
• Articulate the relationship between ethics, governance, the law and social responsibility
• Analyse situations where ethical dilemmas and conflicts of interest occur and how they may be resolved
• Demonstrate understanding of the development of corporate governance to meet public concern in relation to management of companies

Module content includes:

• Importance of ethics
• Standards of ethical behaviour
• Ethical conflicts
• Corporate governance