Bookkeeping NC III Practice Questions - TESDA Bookkeeping NC III Competency Assessment Exam - Bookkeeping NC III Practice Questions - TESDA Bookkeeping NC III Competency Assessment Exam

Question 1

What type of account is Accumulated Depreciation and what is its normal balance?

Asset account with a normal debit balance Contra-asset account with a normal credit balance Liability account with a normal credit balance Expense account with a normal debit balance

Correct Answer:

Contra-asset account with a normal credit balance

Question 2

Under the current regulations of the Bureau of Internal Revenue (BIR) in the Philippines following the Ease of Paying Taxes (EOPT) Act, which business document is the principal document that must be issued to a customer for the sale of services?

Sales Invoice Official Receipt Delivery Receipt Billing Statement

Correct Answer:

Sales Invoice

Question 3

A sole proprietor purchases office supplies worth ₱15,000 on account. Which journal entry is correct to record this transaction?

Debit Office Supplies ₱15,000; Credit Cash ₱15,000 Debit Accounts Payable ₱15,000; Credit Office Supplies ₱15,000 Debit Office Supplies ₱15,000; Credit Accounts Payable ₱15,000 Debit Office Supplies Expense ₱15,000; Credit Cash ₱15,000

Correct Answer:

Debit Office Supplies ₱15,000; Credit Accounts Payable ₱15,000

Question 4

Under the perpetual inventory system, a business purchases merchandise on credit with terms FOB shipping point. The buyer pays the freight charges of ₱2,500 in cash. What is the correct journal entry to record the freight payment?

Debit Freight-In ₱2,500; Credit Cash ₱2,500 Debit Merchandise Inventory ₱2,500; Credit Cash ₱2,500 Debit Freight-Out ₱2,500; Credit Cash ₱2,500 Debit Merchandise Inventory ₱2,500; Credit Accounts Payable ₱2,500

Correct Answer:

Debit Merchandise Inventory ₱2,500; Credit Cash ₱2,500

Question 5

A company using the periodic inventory system purchases merchandise for ₱50,000 with terms 2/10, n/30. Using the gross method, what is the journal entry to record the purchase on the transaction date?

Debit Merchandise Inventory ₱50,000; Credit Accounts Payable ₱50,000 Debit Purchases ₱49,000; Credit Accounts Payable ₱49,000 Debit Purchases ₱50,000; Credit Accounts Payable ₱50,000 Debit Purchases ₱50,000; Credit Cash ₱50,000

Correct Answer:

Debit Purchases ₱50,000; Credit Accounts Payable ₱50,000

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About this Exam

Prepare with the Bookkeeping NC III Practice Questions - TESDA Bookkeeping NC III Competency Assessment Exam practice quiz. This question bank includes 100 questions covering balance, business, entry, credit, and accounts. Use it to review important concepts, identify knowledge gaps, and build confidence for the related exam, course, or assessment.

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Bookkeeping NC III Practice Questions - TESDA Bookkeeping NC III Competency Assessment Exam

This practice set contains 100 questions from the matching question bank and focuses on balance, business, entry, credit, and accounts. Work through each question carefully, review the provided solutions, and revisit topics that need more study before your next attempt.

This is an independent study resource intended for practice and review; it is not an official examination or an endorsement by any organization named in the title.

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Bookkeeping NC III Practice Questions - TESDA Bookkeeping NC III Competency Assessment Exam

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