QUALIFI Level 3 Diploma

in Accounting and Finance

610/0795/X

Qualification Specification

February 2023

All QUALIFI materials, including assessment materials related to your course and
provided to you, whether electronically or in hard copy, as part of your study, are the
property of (or licensed to) QUALIFI Ltd and MUST not be distributed, sold, published,
made available to others, or copied other than for your personal study use unless you
have gained written permission to do so from QUALIFI Ltd. This applies to the materials
in their entirety and to any part of the materials.

QUALIFI Level 3 Diploma in Accounting and Finance Specification February 2023 Page 1 of 17
Contents
About QUALIFI ...................................................................................................................... 4
Why Choose QUALIFI Qualifications? ............................................................................... 4
Employer Support for the Qualification Development ..................................................... 4
Equality and Diversity ....................................................................................................... 4
Qualification Title and Accreditation Number...................................................................... 5
Qualification Aims and Learning Outcomes ......................................................................... 5
Aims of the QUALIFI Level 3 Diploma in Accounting and Finance .................................... 5
Learning Outcomes of the QUALIFI Level 3 Diploma in Accounting and Finance ............. 5
Delivering the Qualification .................................................................................................. 6
External Quality Assurance Arrangements ....................................................................... 6
Learner Induction and Registration .................................................................................. 6
Entry Criteria ..................................................................................................................... 7
Recognition of Prior Learning ........................................................................................... 7
Data Protection ................................................................................................................. 7
Learner Voice .................................................................................................................... 8
Professional Development and Training for Centres ........................................................ 8
Progression and Links to other QUALIFI Programmes.......................................................... 8
Qualification Structure and Requirements ........................................................................... 9
Credits and Total Qualification Time (TQT)....................................................................... 9
Total Qualification Time (TQT ....................................................................................... 9
Guided Learning Hours (GLH ......................................................................................... 9
Rules of Combination for QUALIFI Level 3 Diploma in Accounting and Finance............... 9
Achievement Requirements ............................................................................................. 9
Awarding Classification/Grading..................................................................................... 10
Assessment Strategy and Methods .................................................................................... 10
Unit Specifications .............................................................................................................. 11
Unit AF301: Financial Transactions Record-keeping ....................................................... 11
Unit Aim ...................................................................................................................... 11
Learning Outcomes and Assessment Criteria.............................................................. 11

QUALIFI Level 3 Diploma in Accounting and Finance Specification February 2023 Page 2 of 17
 Suggested Resources................................................................................................... 12
Unit AF302: Cost and Management Information............................................................ 13
Unit Aim ...................................................................................................................... 13
Learning Outcomes, and Assessment Criteria............................................................. 13
Suggested Resources................................................................................................... 14
Unit AF303: Financial Records Maintenance .................................................................. 15
Unit Aim ...................................................................................................................... 15
Learning Outcomes and Assessment Criteria.............................................................. 15
Suggested Resources................................................................................................... 16
Assessment Guidance......................................................................................................... 17
Contact Details ................................................................................................................... 17

QUALIFI Level 3 Diploma in Accounting and Finance Specification February 2023 Page 3 of 17
About QUALIFI
QUALIFI is recognised and regulated by Ofqual (Office of Qualifications and Examinations
Regulator). Our Ofqual reference number is RN5160. Ofqual regulates qualifications,
examinations, and assessments in England.
As an Ofqual recognised Awarding Organisation, QUALIFI is required to carry out external
quality assurance to ensure that centres approved for the delivery and assessment of
QUALIFI’s qualifications meet the required standards.

Why Choose QUALIFI Qualifications?

QUALIFI qualifications aim to support learners to develop the necessary knowledge, skills
and understanding to support their professional development within their chosen career
and or to provide opportunities for progression to further study.
Our qualifications provide opportunities for learners to:
• apply analytical and evaluative thinking skills
• develop and encourage problem solving and creativity to tackle problems and
challenges
• exercise judgement and take responsibility for decisions and actions
• develop the ability to recognise and reflect on personal learning and improve their
personal, social, and other transferable skills.

Employer Support for the Qualification Development

During the development of this qualification QUALIFI consults with a range of employers,
providers, and existing centres where applicable, to ensure rigor, validity, and demand for
the qualification and to ensure that the development considers the potential learner
audience for the qualification and assessment methods.

Equality and Diversity

QUALIFI’s qualifications are developed to be accessible to all learners who are capable of
attaining the required standard. QUALIFI promotes equality and diversity across aspects of
the qualification process and centres are required to implement the same standards of
equal opportunities and ensure teaching and learning are free from any barriers that may
restrict access and progression.
Learners with any specific learning need should discuss this in the first instance with their
approved centre who will refer to QUALIFI’s Reasonable Adjustment and Special
Consideration Policy.

QUALIFI Level 3 Diploma in Accounting and Finance Specification February 2023 Page 4 of 17
Qualification Title and Accreditation Number
This qualification has been accredited to the Regulated Qualification Framework (RQF) and
has its own unique Qualification Accreditation Number (QAN). This number will appear on
the learner’s final certification document. Each unit with the qualification has its own RQF
code. The QAN for this qualification is as follows:

QUALIFI Level 3 Diploma in Accounting and Finance (610/0795/X)

Qualification Aims and Learning Outcomes

Aims of the QUALIFI Level 3 Diploma in Accounting and Finance
The aim of the QUALIFI Level 3 Diploma in Accounting and Finance is to provide learners
with the foundation required for a career in financial management and accountancy within
a range of organisations and/or to progress to further study in this subject area.
Successful completion of the QUALIFI Level 3 Diploma in Accounting and Finance provides
learners with the opportunity to progress to further study or employment.

Learning Outcomes of the QUALIFI Level 3 Diploma in Accounting and Finance

The overall learning outcomes of the qualification are for learners to:
• Understand the need to record financial transactions accurately.
• Understand the nature of cost andmanagement accounting.
• Understand the purpose of and use of ICT in the recording of management
information.
• Understand the role financial records and application of accounting concepts.
The learning outcomes and assessment criteria for each unit are outlined in the Unit
Specifications.

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Delivering the Qualification
External Quality Assurance Arrangements
All centres are required to complete an approval process to be recognised as an approved
centre. Centres must have the ability to support learners Centres must commit to working
with QUALIFI and its team of External Quality Assurers (EQAs). Approved Centres are
required to have in place qualified and experienced tutors, all tutors are required to
undertake regular continued professional development (CPD).
Approved centres will be monitored by QUALIFI External Quality Assurers (EQAs) to ensure
compliance with QUALIFI requirements and to ensure that learners are provided with
appropriate learning opportunities, guidance, and formative assessment.
QUALIFI’s guidance relating to invigilation, preventing plagiarism and collusion will apply to
centres.
QUALIFI, unless otherwise agreed:
• sets all assessments;
• moderates’ assessments prior to certification;
• awards the final mark and issues certificates.

Learner Induction and Registration

Approved Centres should ensure all learners receive a full induction to their study
programme and the requirements of the qualification and its assessment.
All learners should expect to be issued with the course handbook, a timetable and meet
with their personal tutor and fellow learners. Centres should assess learners carefully to
ensure that they are able to meet the requirements qualification and that if applicable
appropriate pathways or optional units are selected to meet the learner’s progression
requirements.
Centres should check the qualification structures and unit combinations carefully when
advising learners. Centres will need to ensure that learners have access to a full range of
information, advice, and guidance to support them in making the necessary qualification
and unit choices. During recruitment, approved centres need to provide learners with
accurate information on the title and focus of the qualification for which they are studying.
All learners must be registered with QUALIFI within the deadlines outlined in the QUALIFI
Registration, Results and Certification Policy and Procedure.

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Entry Criteria
Approved Centres are responsible for reviewing and making decisions as to the applicant’s
ability to complete the learning programme successfully and meet the demands of the
qualification. The initial assessment by the centre, will need to consider the support that is
readily available or can be made available to meet individual learner needs as appropriate.
The qualification has been designed to be accessible without artificial barriers that restrict
access, for this qualification applicants must be aged 16 or over.
In the case of applicants whose first language is not English, then IELTS 6 (or equivalent) is
required. International qualifications will be checked for appropriate enrolment to UK
higher education postgraduate programmes where applicable. The applicants are normally
required to produce two supporting references, at least one of which should preferably be
academic.

Recognition of Prior Learning

Recognition of Prior Learning (RPL) is a method of assessment (leading to the award of
credit) that considers whether learners can demonstrate that they can meet the assessment
requirements for a unit through knowledge, understanding or skills they already possess,
and so do not need to develop through a course of learning.
QUALIFI encourages centres to recognise learners’ previous achievements and experiences
whether at work, home or at leisure, as well as in the classroom. RPL provides a route for
the recognition of the achievements resulting from continuous learning. RPL enables
recognition of achievement from a range of activities using any valid assessment
methodology. Provided that the assessment requirements of a given unit or qualification
have been met, the use of RPL is acceptable for accrediting a unit, units, or a whole
qualification.
Evidence of learning must be valid and reliable. For full guidance on RPL please refer to
QUALIFI’s Recognition of Prior Learning Policy.

Data Protection
All personal information obtained from learners and other sources in connection with
studies will be held securely and will be used during the course and after they leave the
course for a variety of purposes and may be made available to our regulators. These should
be all explained during the enrolment process at the commencement of learner studies. If
learners or centres would like a more detailed explanation of the partner and QUALIFI
policies on the use and disclosure of personal information, please contact QUALIFI via email
[email protected]

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Learner Voice
Learners can play an important part in improving the quality through the feedback they
give. In addition to the on-going discussion with the course team throughout the year,
centres will have a range of mechanisms for learners to feed back about their experience of
teaching and learning.

Professional Development and Training for Centres

QUALIFI support its approved centres with training related to our qualifications. This
support is available through a choice of training options offered through publications or
through customised training at your centre.
The support we offer focuses on a range of issues including:
• planning for the delivery of a new programme
• planning for assessment and grading
• developing effective assignments
• building your team and teamwork skills
• developing learner-centred learning and teaching approaches
• building in effective and efficient quality assurance systems.
Please contact us for further information.

Progression and Links to other QUALIFI Programmes

Completing the QUALIFI Level 3 Diploma in Accounting and Finance will enable learners to
progress to:
• QUALIFI Level 4 Diploma Accounting and Finance.
• QUALIFI Level 4 Diploma in related area.
• Employment in an associated profession.

QUALIFI Level 3 Diploma in Accounting and Finance Specification February 2023 Page 8 of 17
Qualification Structure and Requirements
Credits and Total Qualification Time (TQT)
The QUALIFI Level 3 Diploma in Accounting and Finance is made up of 60 credits which
equates to 600 hours of TQT.
Total Qualification Time (TQT): is an estimate of the total amount of time that could
reasonably be expected to be required for a learner to achieve and demonstrate the
achievement of the level of attainment necessary for the award of a qualification.
Examples of activities that can contribute to Total Qualification Time include: guided
learning, independent and unsupervised research/learning, unsupervised compilation of a
portfolio of work experience, unsupervised e-learning, unsupervised e-assessment,
unsupervised coursework, watching a prerecorded podcast or webinar, unsupervised work-
based learning.
Guided Learning Hours (GLH): are defined as the time when a tutor is present to give
specific guidance towards the learning aim being studied on a programme. This definition
includes lectures, tutorials, and supervised study in, for example, open learning centres and
learning workshops, live webinars, telephone tutorials or other forms of e-learning
supervised by a tutor in real time. Guided learning includes any supervised assessment
activity; this includes invigilated examination and observed assessment and observed work-
based practice.

Rules of Combination for QUALIFI Level 3 Diploma in Accounting and Finance

All Units are mandatory.

Unit Reference Mandatory Units Level TQT Credit GLH

F/650/2367 Financial Transactions Record-

3 200 20 150
keeping

H/650/2368 Cost and Management Information 3 200 20 150

J/650/2369 Financial Records Maintenance 3 200 20 150

Total 600 60 450

Achievement Requirements
Learners must demonstrate they have met all assessment criteria for all units to achieve this
qualification. QUALIFI will issue certificates to all successful learners via their registered
centres.

QUALIFI Level 3 Diploma in Accounting and Finance Specification February 2023 Page 9 of 17
Awarding Classification/Grading
This qualification grading is: Pass/Fail.
All units will be internally assessed through written assignment, internally marked by the
QUALIFI approved centre and subject to external quality assurance by QUALIFI.

Assessment Strategy and Methods

QUALIFI will provide written assessment tasks for each Unit of this qualification. These tasks
will address all Learning Outcomes and related Assessment Criteria, all of which must be
demonstrated/passed in order to achieve the qualification.
The tasks will enable learners to draw on ‘work-related’ information and/or examples
wherever possible. Some assessment tasks will contain a practical assignment which will
require observation by an assessor, see Assessment Guidance for further information.
The assessment tasks will require learners to draw on real organisational information or
case studies to illustrate their answers. To support this activity during the programme of
learning, centres are required to make sure that they include case studies of relevant
organisations and, wherever possible, encourage learners to draw on work-place
opportunities to undertake research and investigation to support their learning.
QUALIFI provide a Candidate Workbook for each unit that Learners should use to record
their answers and/or cross-reference any supporting evidence relating to a practical task.
Approved centres should request a copy of the assessment workbook.
Learner assessments will be internally marked by the Approved Centre and will be subject to
external moderation by QUALIFI prior to certification.

QUALIFI Level 3 Diploma in Accounting and Finance Specification February 2023 Page 10 of 17
Unit Specifications
Unit AF301: Financial Transactions Record-keeping
Unit code: F/650/2367
RQF Level: 3
Unit Aim
The aim of this unit for learners to be able to understand how to record financial
transactions accurately and completely. The unit also covers how income and expenditure is
classified and managed.
Learning Outcomes and Assessment Criteria

Learning Outcomes Assessment Criteria

When awarded credit for this Assessment of this learning outcome will require a
unit, a learner will: learner to demonstrate that they can:

1. Understand why financial 1.1 Explain the reasons that businesses need to
record financial transactions.
transactions need to be
recorded. 1.2 Explain the ways in which the recording of
financial transactions meets the needs of a
business’s internal and external stakeholders.

2. Be able to prepare source 2.1 Describe the features and uses of Books of
documents and Books of Prime Prime (Original) Entry.
(Original) Entry to record
financial transactions. 2.2 Prepare principal source documents and Books
ofPrime (Original) Entry for financial transactions
correctly.

3. Understand the classification 3.1 Distinguish capital from revenue expenditure

and management of income and and income.
expenditure.
3.2 Explain the accounting approaches that are
used for items of capital and revenue expenditure
and income.

3.3 Assess the impact on profit and asset

valuations of the incorrect management of capital
and revenue expenditure and income.

QUALIFI Level 3 Diploma in Accounting and Finance Specification February 2023 Page 11 of 17
Suggested Resources
Atrill P & McLaney E (2018) Accounting & Finance for Non-specialists 11th Edition, Financial
Times/Prentice Hall.
Drury, JC. (2017) Management and Cost Accounting; 10th edition, Chapman and Hall.
Fabozzi, F. (2010) The Basics of Finance: An Introduction to Financial Markets, Business
Finance, and Portfolio Management. London: Wiley
Association Of Chartered Certified Accountants (Great Britain (2011). Recording financial
transactions. London: Bpp.

QUALIFI Level 3 Diploma in Accounting and Finance Specification February 2023 Page 12 of 17
Unit AF302: Cost and Management Information
Unit code: H/650/2368
RQF level: 3
Unit Aim
The aim of this unit is to help learners understand cost and management accounting
including the purpose of management information. The unit also includes the use of ICT to
record management information.
Learning Outcomes, and Assessment Criteria

Learning Outcomes Assessment Criteria

When awarded credit for this unit, a Assessment of this learning outcome will
learner will: require a learner to demonstrate that they
can:

1. Understand cost and management 1.1 Explain the features and uses of
accounting. accounting systems used in business.

1.2 Explain the uses of management

information.

1.3 Differentiate cost and management

accounting processes from those required for
external financial reporting purposes.
2. Be able to account for labour costs.
2.1 Explain different methods of
remuneration for labour.

2.2 Explain how to account for labour costs.

2.3. Analyse trends in gross and net earnings.

3. Understand the use of Information 3.1 Explain the benefits to organisations of

and Communication Technology (ICT) using ICT to record management information.
in recording management
information. 3.2 Explain the disadvantages to
organisations of using ICT to record
management information

3.3 Explain the key factors that influence the

use of ICT when recording management
information.

QUALIFI Level 3 Diploma in Accounting and Finance Specification February 2023 Page 13 of 17
Suggested Resources

Graham, M. (2013) Accounting for Non-accountants: A Manual for Managers and Learners.
9th Edition. Kogan Page: London
Garrett, D and Sloman, J. (2016). Economics for Business 7th edition, Harlow: Pearson
Education
Wetherly, P. and Otter, D. (2018). The Business Environment, Oxford: Oxford University
Press
Association Of Certified and Corporate Accountants (2000). Management information.
London: A T Foulks Lynch.

QUALIFI Level 3 Diploma in Accounting and Finance Specification February 2023 Page 14 of 17
Unit AF303: Financial Records Maintenance
Unit code: J/650/2369
RQF level: 3
Unit Aim
The aim of this unit is to help learners understand the reasons for keeping financial records,
to be able to use the double-entry system of bookkeeping and to prepare a three-column
cash book and a bank reconciliation statement.
Learning Outcomes and Assessment Criteria

Learning Outcomes Assessment Criteria

When awarded credit for this unit, a Assessment of this learning outcome will
learner will: require a learner to demonstrate that they
can:
1. Understand the role of accounting
1.1 Explain the concept that Capital = Assets
concepts.
= Liabilities.

1.2 Explain the use of the accounting

equation.

1.3 Explain the accounting concepts used

when recording financial transactions.
2. Be able to use the double-entry
2.1 Explain the features and use of the
system of bookkeeping.
double-entry system of bookkeeping.

2.2 Explain the benefits and drawbacks of

the double-entry system ofbookkeeping to
process financial information.

2.3 Prepare a trial balance accurately using

double-entry accounting information.
3.1 Describe the purpose and use of a three-
3. Be able to prepare a three-column column cash book.
cash book.
3.2 Distinguish cash from trade discounts.

3.3 Explain how to account for cash and

trade discounts.

QUALIFI Level 3 Diploma in Accounting and Finance Specification February 2023 Page 15 of 17
 3.4 Prepare a three-column cash book
accurately.

4. Be able to prepare a bank 4.1 Describe the purpose of a bank

reconciliation statement. reconciliation statement.

4.2 Prepare a bank reconciliation

statement accurately.

Suggested Resources
Coleman, C, Lemieux. V, Stone, R, Yeo, G. (2011). Managing Records in Global Financial
Markets: Ensuring Compliance and Mitigating Risk (Principles and Practice in Records
Management and Archives. Facet Publishing.
Dewhurst, F. (2006). Quantitative methods for Business and Management (2nd Edition),
McGraw-Hill
Morris, C., (2012). Quantitative Approaches in Business Studies. 8th Ed., Prentice Hall
Bpp Learning Media (2021). FIA MAINTAINING FINANCIAL RECORDS FA2 : practice and
revision kit. S.L.: Bpp Learning Media.

QUALIFI Level 3 Diploma in Accounting and Finance Specification February 2023 Page 16 of 17
Assessment Guidance
For the assessment of knowledge and understanding criteria learners are required to
provide written responses to the questions in this workbook, providing examples drawn
from the workplace or case studies where possible. it is a requirement that learners are able
to analyse and demonstrate their understanding byuse of theories, principles, and models
relevant to the subject matter.
The assessment of the following competency criteria by completion of a practical
task:
Unit AF301 – Assessment Criteria 2.2 Prepare principal source documents and
Books of Prime (Original) Entry for financial transactions correctly.
Unit AF302 - Assessment Criteria 2.3 Analyse trends in gross and net earnings
Unit AF303 – Assessment Criteria:
• 2.3 Prepare a trial balance accurately using double-entry accounting
information
• 4.2 Prepare a bank reconciliation statement accurately
may be assessed by using financial information from the learner’s workplace or
by using case studies. Assessors should observe the learners undertaking these
activities and use question and answer to assess the learners understanding of
the task, a summary of the financial information used by the learner should be
‘appended’ to the assignment when submitted. Learners may use the same
financial data to perform various tasks if applicable.

Contact Details
Customer service number: +44 (0) 1158882323
Email: [email protected]
Website: www.QUALIFI.net www.QUALIFI-international.com

QUALIFI Level 3 Diploma in Accounting and Finance Specification February 2023 Page 17 of 17