NSSCO Accounting (6143) study guide
NSSCO Accounting (6143) · Work through your exam, one topic at a time.
NSSCO Accounting (6143) is the Namibia Senior Secondary Certificate Ordinary Level qualification in Accounting, normally taken in the final years of secondary school and used for progression to AS/A Level study, vocational accounting programmes and entry-level bookkeeping roles. It suits candidates who are comfortable with arithmetic, neat presentation of ledger accounts and financial statements, and the logic of double entry; the syllabus assumes no prior bookkeeping beyond junior secondary mathematics. The NSSCO Accounting (6143) study guide has 9 sections and about 2,936 words.
01Accounting concepts, principles and the accounting equation
This section checks whether you can name and apply the underlying concepts, and whether you can use the accounting equation to record transactions rather than memorise entries. Business entity : the owner's private transactions are not business transactions.
329 words, about 2 min02Books of original entry, ledgers and the trial balance
This domain tests the flow from source document to ledger to trial balance, and whether you can distinguish books of prime entry from ledger accounts. Books of prime entry : sales day book (credit sales), purchases day book (credit purchases), returns inwards book, returns outwards book, cash book, petty cash book and journal.
338 words, about 2 min03Bank reconciliation and petty cash (including cash books)
This section tests whether you can reconcile the cash book bank column with the bank statement and operate a petty cash imprest. The cash book bank column is the business's record; the bank statement is the bank's record.
326 words, about 2 min04Correction of errors and suspense accounts
This domain tests whether you can classify errors, decide whether the trial balance is affected, and clear a suspense account correctly. Errors that do not affect the trial balance : error of omission (both entries missing), commission (right class, wrong account), principle (wrong class of account), original entry (same wrong amount both sides), compensating errors, complete reversal, and some transposition errors.
331 words, about 2 min05Final accounts of a sole trader
This section tests preparation of the trading account, profit and loss account and statement of financial position for a sole trader, including the link between profit, drawings and capital. Trading account : net sales = sales − returns inwards.
331 words, about 2 min06Adjustments: depreciation, accruals, prepayments, bad and doubtful debts, inventory valuation
This domain tests year-end adjustments and their effect on profit, assets and liabilities. Depreciation : straight line = (cost − residual value) ÷ useful life.
330 words, about 2 min07Accounting for partnerships and non-profit organisations
This section tests partnership appropriation and accounts, plus the distinction between receipts and payments and income and expenditure for a non-profit organisation. Partnership appropriation : interest on capital, partner salaries, interest on drawings, then residual profit or loss shared in the profit-sharing ratio.
307 words, about 2 min08Company accounting: share capital, financial statements and basic interpretation
This domain tests share issues, company financial statements and simple ratio interpretation. Share capital : authorised capital is the maximum the company may issue; issued capital is what has been issued.
312 words, about 2 min09Manufacturing accounts and cost/management accounting fundamentals
This domain tests the manufacturing account and basic cost and management accounting: cost classification, cost of production and break-even. Direct materials consumed = opening raw materials + purchases − closing raw materials.
332 words, about 2 min