Instructions on taking NCIII Bookkeeping Goodluck!

1. Instructions
NC III - BOOKKEEPING

2. Read carefully before you proceed
 There are two (2) case booklets to be given to you for this examination. Case
Booklet 1 presents the Introduction to the Case and the Accounting Records to
be used. Case Booklet 2, on the other hand, contains the Source Documents to
be used in analyzing and recording the business transactions. Browse on both
booklets before proceeding.
 The Introduction in Case Booklet 1 introduces the form of business organization
and the nature of business of the entity. It also indicates the timing of the
preparation of financial statements, adjusting entries, and closing entries.
 The entity’s chart of accounts, accounting policies and account balances as of the
end of the previous month are also given.

3. Read carefully before you proceed
 Cut the source documents in Case Booklet 2 as if gathering the business
documents, organize the documents by transaction and arrange them
chronologically.
 Enter the beginning balances given in Case Booklet 1 in the general ledger. The
subsidiary ledger beginning balances are already entered.
 Journalize the transactions using the general journal and the special journals in
Case Booklet 1. Do immediate postings into the subsidiary ledgers.
 Post journal entries in the general ledger and draw account balances.

4. Read carefully before you proceed
 Prepare the trial balance directly into the worksheet.
 Complete the worksheet. Draw the financial statements amounts from worksheet.
 Journalize and post the adjusting entries and the closing entries.
 Prepare the post-closing trial balance.
 You have 5 hours and 40 minutes to complete this task, but if you finish it
earlier, you may hand-in everything to your assessor.