Bookkeeping NC III study guide
Bookkeeping NC III · Work through your exam, one topic at a time.
Bookkeeping NC III is a Philippine national certificate under the TESDA competency-based framework. It certifies that a holder can carry out bookkeeping work to a recognised industry standard: recording transactions, keeping the books in order, producing financial reports, reconciling bank and cash accounts, processing payroll with its statutory deductions, preparing and lodging tax and other statutory returns, and working within accounting software plus workplace safety and quality procedures. The Bookkeeping NC III study guide has 6 sections and about 1,961 words.
01Performing Bookkeeping Tasks and Maintaining Accounting Records
Bookkeeping is the disciplined capture of transactions into a double-entry system. Every transaction touches at least two accounts and the accounting equation (Assets = Liabilities + Equity) must stay balanced after each entry.
343 words, about 2 min02Preparing and Maintaining Financial Reports and Statements
Financial reporting centres on the statement of financial position (balance sheet), the statement of comprehensive income (income statement), the statement of changes in equity, and the statement of cash flows, supported by notes. Candidates must understand the accrual basis: income is recognised when earned and expenses when incurred, not when cash moves.
313 words, about 2 min03Maintaining and Reconciling Bank and Cash Accounts
The cash book (or cash receipts and payments records) is the entity's record; the bank statement is the bank's record. They differ because of timing and errors.
332 words, about 2 min04Processing Payroll and Related Statutory Deductions
Payroll processing moves from gross pay to net pay by deducting statutory and other authorised deductions. Gross pay includes basic pay plus overtime, night differential, holiday pay, and allowances, computed from time records and the applicable rates.
331 words, about 2 min05Preparing and Lodging Tax and Other Statutory Returns
Statutory returns must be accurate, complete, and filed on time with the correct agency. Candidates should understand the main Philippine business taxes and returns: value-added tax (monthly or quarterly VAT returns), percentage tax for non-VAT registered businesses, withholding tax returns (expanded and compensation), income tax returns, and local business permits and fees.
327 words, about 2 min06Applying Accounting Software and Workplace Safety and Quality Procedures
Accounting software (whether desktop, cloud, or ERP-based) automates posting, but the underlying double-entry logic is unchanged. Candidates must understand chart of accounts setup, transaction entry, automated posting to ledgers, report generation, and the audit trail.
315 words, about 2 min