LCCI Level 4 Diploma in Accounting & Finance

Course details

The new Level 4 Diploma in Accounting and Finance emphasize on professional achievement and progression. It is aimed at helping students who have completed their Level 3 studies to continue to enhance their prospects for employment and further study through additional LCCI International Qualifications.

This Level 4 diploma builds upon the base of knowledge acquired through study at Level 3, increases the depth of study in certain fields and explores new areas of study. The diploma is designed to provide evidence of the same level of learning as would be covered in the first year of a university programme. However as with all LCCI International Qualifications, the constituent units are qualifications in their own right and are business relevant. They will enhance individuals employment prospects and add value to organizations.

The diploma structure consists of three mandatory subject certificates, and two vocationally-related subjects. The core subjects form the context for each Diploma and provide opportunities for students to develop and apply in-depth knowledge, understanding and skills within their chosen area of specialism. The optional subjects provide complementary and relevant learning in to the students chosen Diploma to enhance their breadth of study. The compulsory certificates are Financial Accounting (Level 4), which builds on the knowledge of Accounting gained at Level 3. Applied Business Economics (Level 4), which provides a broad underpinning knowledge of the economic environment in which Accounting is undertaken, and Business Statistics (Level 3) which provides the mathematical component that would be included in the first year of any degree programme (although this unit is at Level 3, the degree of analytical difficulty is still equivalent to what would be studied at university). The optional modules offered include The Legal Environment (Level 4), which is complimentary to the field of accounting, and Business Finance and Banking Operations (Level 4) which develops the candidates skill and knowledge to be able to perform a cost benefit analysis on a range of investment and financing options and make recommendation which support business decision making.

The Level 4 Diploma in Accounting and Finance offers progression from the suite of Level 3 diplomas, and a pathway into higher education and employment. It is especially suited for those who aspire to work in a technical and professional accounting role with management responsibility. The diploma develops the knowledge and skills required by a senior accounting professional who has responsibility for:

The daily book-keeping and accounting duties
The provision of robust data to support the business in their decision making process
In addition, the Level 4 Diploma has articulation benefits and is designed towards 2nd year entry point to UK universities; such as Manchester Metropolitan University, Middlesex University, and University of Gloucester, within a related degree programme.

Teaching / Learning Methods and Strategies

Trial of Past Year Examination Papers / Assignments / Classroom Face-To-Face Theoretical Explanations

Entry Requirements Possess knowledge of LCCI Level 3 equivalent in Diploma in Accounting, Accounting courses.
Additional Entry Pre-requisite

Mature working adults with practical working experiences in a financial/accounting industry assessed on case-by-case basis
Assessment Information

EXAMINABLE THEORY PAPER (EXTERNAL AWARD BY LONDON CHAMBERS OF COMMERCE & INDUSTRY INTERNATIONAL QUALIFICATIONS, UK) - 3 TIMES / YEAR [MARCH & APRIL (Series 2/On-Demand) / JUNE (Series 3) / NOVEMBER & DECEMBER (Series 4)].

Criteria of Award

Candidates must fulfill at least 75% course attendance requirements by BMCs ACADEMIC and EXAMINATIONS BOARDS to sit for examinations. Level 4 diploma consist of total 5 sub-modules - a pass in 3 mandatory units include Financial Accounting (Level 4), Applied Business Economics (Level 4), and Business Statistics (Level 3) (core units). In addition, a pass in 2 optional modules of The Legal Environment (Level 4) and Award in Business Finance and Banking Operations (Level 4). All 5 modules for combination within 24 months (from first sitting of module passed for examinations).

Final Award

London Chamber of Commerce and Industry (LCCI) Level 4 Diploma in Accounting and Finance.Module

The 5 sub-modules include

Financial Accounting (IAS) Level 4
Applied Business Economics Level 4
Business Statistics Level 3
The Legal Environment Level 4
Award in Business Finance and Banking Operations Level 4


1. Financial Accounting (IAS) Level 4

The Certificate in Financial Accounting Level 4 (IAS) [ASE4902] builds upon candidates ability to prepare and interpret financial accounting statements in accordance with IAS accounting standards and the accounting framework. It develops candidates understanding of the conceptual aspects of financial accounting and of basic auditing. This qualification is suitable for people who intend to work in a senior accounting role.

The aims of this qualification are to enable candidates to develop: an understanding of the basic principles underlying the recording of business transactions; the ability to prepare and interpret accounts for sole-traders, partnerships, non-trading organisations, companies and groups of companies in accordance with basic accounting conventions and current accounting practice; the ability to prepare accounting statements in accordance with accounting standards and the accounting framework; the ability to apply the principles of decision making; the ability to analyse businesses and their performance; an understanding of the conceptual aspects of financial accounts; and an understanding of basic auditing.

Syllabus topics include:

Levels 1, 2 and 3 revisited
Valuations of inventories and long term contracts
Companies
Accounting for groups of companies and complex issues in company accounting
Cash flow statements (IAS 7 revisited)
Budgetary control
Concepts and accounting frameworks
Analysis of business and opportunities, involving non-numerical techniques
Users of accounts
Investment accounts
Auditing
ASSESSMENT OBJECTIVES

Demonstrate an understanding of the more advanced aspects of the LCCI IQ Level 1 Certificate in Book-keeping, Level 2 Certificate in Book-keeping and Accounts and Level 3 Certificate in Accounting (IAS)
Demonstrate an understanding of long term contracts
Prepare the statutory accounts of companies
Demonstrate an understanding of basic accounting standards (IAS 1, IAS 2, IAS 7, IAS 8, IAS 10, IAS 16, IAS 20, IAS 27, IAS 37 and IFRS 3)
Demonstrate an understanding of company amalgamations and reconstructions
Demonstrate an understanding of practical and behavioural aspects of budgetary control
Account for changing prices
Analyse businesses by means of techniques such as SWOT and PEST
Demonstrate an understanding of users of accounts and their interests
Demonstrate an understanding of investment accounts
Demonstrate an understanding of general principles and simple procedures of auditing

Note

Full knowledge is expected of all topics included in the syllabi for the LCCI IQ Level 1 Certificate in Book-keeping, Level 2 Certificate in Book-keeping and Accounts and Level 3 Certificate in Accounting (IAS) examinations.
If questions are set covering topics from these earlier syllabi they will be set at a level of difficulty appropriate to a Level 4 examination (see Candidate Answer Guidance).


2. Applied Business Economics Level 4

The Certificate in Applied Business Economics Level 4 [ASE20083] introduces candidates to micro and macro economic theory. This qualification will develop the candidates knowledge of economic concepts and theory that can be applied to business activity. Candidates will understand the market mechanism and its failings, identify market structure, and will understand costs, revenues and profits. They will be able to analyse the effect of different market structures on price, output and efficiency. Candidates will also analyse macro economic activity, government macro-objectives and the policies that can be implemented to achieve these objectives. This qualification is suitable for people who wish to work in a role which requires a significant level of business decision making, progress into higher education, or as part of their own continuous professional development.

Syllabus topics include:

The basic economic problem and different economic systems
The ways in which markets operate
Costs and revenues and profits in the short and long run
Market structures
Macro - economic objectives
International trade
ASSESSMENT OBJECTIVES

Understand the basic economic problem and the advantages and disadvantages of different economic systems
Be able to analyse the ways in which markets operate and how markets fail
Be able to analyse costs, revenues and profits in the short and long run
Know the different market structures in which businesses operate
Be able to assess the main elements of macroeconomics
Understand issues relating to international trade


3. Business Statistics Level 3

The Certificate in Business Statistics Level 3 [ASE3009] develops candidates basic knowledge and understanding of quantitative data and statistical techniques, and the use of formulae to solve business problems. It is suitable for people working or intending to work in a finance-related role, or those that want to develop these skills for academic progression to more advanced administrative, business and management qualifications, including LCCI IQ Level 3 and 4 Diplomas.

Syllabus topics include

Quantitative Information such as Graphical Presentation, Survey Methodology, and Use of Computers in Business Statistics
Descriptive Statistics such as Measures of Location and Dispersion - grouped data and ungrouped data, Measures of Skewness, Coefficient of Variation, and Index numbers
Forecasting such as Correlation and Regression, and Time series
Uncertainty such as Probability, and Normal distribution
Stistical Inference such as Procedure for Significance Tests, Type I and Type II errors, Significance Tests and Confidence Intervals (n>30, n<30), Chi-square Tests, and Quality Control
ASSESSMENT OBJECTIVES:

Demonstrate a knowledge and understanding of basic and more advanced statistical techniques including the collection and presentation of data
The ability to apply the above knowledge and understanding in solving business problems


4. The Legal Environment Level 4

The Legal Environment Level 4 [ASE4503] qualification enables learners to develop a broad understanding of the legal implications of problems and situations commonly faced in business, the ability to apply legal principles to different situations to reach a solution, and to understand the law regulating professional practice. This qualification is suitable for students who plan to follow executive careers in business fields and who need an understanding of the legal framework.

Syllabus topics include

Outline of the English Legal System such as The Court system, Sources of Law Legislation, European Union, Precedent, Common Law and Equity, and Civil and Criminal Law
Contract such as Offer, Acceptance, Consideration, Intention to Create Legal Relations, Contents of a Contract, Defects in an Agreement, Discharge of Contracts, and Remedies for Breach of Contract
Tort of Negligence such as Nature and Form, Contract versus Tort, Duty of Care, Breach of Duty, Damage, Defences, and Vicarious Liability
Agency such as Creation, Authority of an Agent, Relationship of Agent and Third Party, Relationship of Principal and Third Party, and Relationship of Principal and Agent
Partnership such as Creation of a Partnership, Liability of Partners to Third Parties, Rights and Duties of Partners, and Dissolution and Termination of a Partnership
Company Law such as Legal Personality and its Consequences, Formation of Companies, Promoters and pre-incorporation Contracts, The Memorandum and Articles of Association, Shares - Types, Issue and Transfer, The Doctrine of Capital, Loan Capital and Charges, Directors, Minority Protection, Meetings, and Insolvency Procedures
ASSESSMENT OBJECTIVES:

Demonstrate a broad knowledge and understanding of the nature of law and the English legal system
Apply legal principles relating to contract, tort, agency and negligence to business type problems
Demonstrate an understanding of the law of companies and partnership


5. Award in Business Finance and Banking Operations Level 4

The Award in Business Finance and Banking Operations Level 4 [ASE20084] develops the candidates skill and knowledge to be able to perform a cost benefit analysis on a range of investment and financing options and make recommendation which support business decision making. Candidates will also gain a basic understanding of the principle activities carried out by a commercial bank, and the need for its governance and regulation, along with an introduction to the financial markets, including foreign exchange. This qualification is suitable for people who wish to in an accounting environment, pathway to higher education or as part of their own continuous professional development. This qualification can be taken as part of the Level 4 Diploma in Accounting and Finance, and can be taken as a pathway into higher education.

Syllabus topics include

Commercial finance methods
Investment options
The financial markets
A commercial banking structure and its operations
ASSESSMENT OBJECTIVES:

Be able to evaluate a range of short-term and long-term commercial finance methods
Be able to assess short-term and long-term investment options
Know how financial markets operate
Understand a commercial banking structure and its operations
Grading System

GRADING RESULTS
50% - 59% PASS
60% - 74% PASS WITH CREDIT/MERIT
75% and above DISTINCTION
Expected date of release of Assessment result

Assessment results will be available to the students within 3 months upon completion of the last assessment for that assessment cycle. Appeal (if any) on assessment results must be lodged within 7 days after the release of assessment results.

Specimen Certificate

LCCI_Sample_Diploma_UPD2_BTCH1_v3_Diploma in Accounting and Finance