Institute of Commercial Management | Qualification Subject


ICM Professional Diploma Unit


  • What is accounting?
  • Business organisations and sources of finance
  • Financial statements: P&L and the balance sheet
  • The role of the accountant and the accounts office

The Accounting Model

  • Recording financial transactions: the ledger system and trial balance
  • The running balance method of recording
  • The purchase day book and the returns day book
  • VAT
  • Banking services
  • Cash book / bank reconciliation statements / petty cash books
  • Capital and revenue expenditure
  • The trial balance, journal and suspense accounts

Management Control

  • Control accounts
  • Sales and purchase ledgers

Example Candidate Response Booklet

Example Candidate Response (ECR) Booklets are a source of crucial information for Centres and Candidates as they use real candidate responses. We ask Senior Examiners to comment on five or more responses in terms of why the mark was awarded with commentary about how to improve the answer (if necessary).

Recommended Reading

Main Text:

Finance & Accounting – R Giles (ICM) – Chapters 1-4, 5-16, 21, 22-25 and 40.

Indicative Text:

Alternative Text and Further Reading: