What is Accounting like?

[Firemurphy]

Hi guys. I am currently doing Unit 1 GMA (Yr 11 specialist) and I am dropping to next semester for either eco/accounting and I am still divided on which one to do.

I have done Unit 1 Accounting and I enjoyed it, getting near the top of the class but I am also drawn towards Eco as well.
What is 3/4 Accounting like? Is there a lot of rote-learning involved in this subject? Currently I do 3/4 Legal and that is basically memorising the whole book, so what I need is a subject where it is not very content heavy but still challenging at the same time. Is that what Yr 12 Accounting is like? 
has anyone done accounting and economics? If so, can anyone tell/compare the experiences?
I know at the end of the day it's still my choice but I am just looking for extra opinion!
Thanks in advance!

[götze]

Year 12 accounting is mostly rote learned like where you record things in journal and learning definitions. Content is not that heavy as long as you know what your doing. I don't do eco this year but i did it last year and comparing them I would say you would need to put way more work into eco then accounting and i have heard the workload for eco is heavy. Good luck with choosing both of them are great subjects and do what you like.

[Kuroyuki]

Why don't you ask the ppl in your school?
No one in mhs has ever got 50 in Eco at least I don't think so.

[götze]

Whats wrong is he asks on here ?

[Firemurphy]

Why don't you ask the ppl in your school?
No one in mhs has ever got 50 in Eco at least I don't think so.

Just asking here to get a range of opinions.

[Kuroyuki]

Whats wrong is he asks on here ?

nothing
I just said why dont you cuz maybe the teachers at mhs for accounting might not be the best and may influence whether you like the subject or not.

[Damoz.G]

Accounting is not a lot of memorising. Only definitions to remember are your Accounting Principles and Qualitative Characteristics, and then a few other Definitions. Most of it is applying, and you just have to make sure that you carefully read the question. Better put, 40% of a SAC/Exam is on Theory, and 60% of the marks comes from Prac. Does that help a bit?

Most of Unit 2 will be repeated again at the start of Unit 3, along with the introduction of Ledgers (Don't stress about them now - Just a heads up). If your school uses the Cambridge Textbook, the first 4 chapters (except Chapter 3) are all of Units 1&2 repeated again.

I think Accounting in Units 3&4 is really good. It's not as dry as Units 1&2 Accounting.

Hope this helps you out a bit.

[Kuroyuki]

Accounting is not a lot of memorising. Only definitions to remember are your Accounting Principles and Qualitative Characteristics, and then a few other Definitions. Most of it is applying, and you just have to make sure that you carefully read the question. Better put, 40% of a SAC/Exam is on Theory, and 60% of the marks comes from Prac. Does that help a bit?

Most of Unit 2 will be repeated again at the start of Unit 3, along with the introduction of Ledgers (Don't stress about them now - Just a heads up). If your school uses the Cambridge Textbook, the first 4 chapters (except Chapter 3) are all of Units 1&2 repeated again.

I think Accounting in Units 3&4 is really good. It's not as dry as Units 1&2 Accounting.

Hope this helps you out a bit.

Technically it's not memorizing. However most of the cohort in a way rote learns responses like word for word vcaa responses, advantages of controls etc straight from the textbook. I don't endorse it just know it happens they most of them don't get penalized.

[Damoz.G]

Technically it's not memorizing. However most of the cohort in a way rote learns responses like word for word vcaa responses, advantages of controls etc straight from the textbook. I don't endorse it just know it happens they most of them don't get penalized.

Well some are memorising. But that's why I said, there isn't a lot of memorising in Accounting. You still need to know and memorise key definitions that often come up on SACs and Exams. e.g. Accrual Accounting

I don't see why they should be penalised. If it is still relevant to the question, then it's completely fine. If the answer is right, then that's all that matters. 

[abcdqdxD]

You can also memorise responses to common questions

[Damoz.G]

You can also memorise responses to common questions

Definitely. The Chief Examiner loves to throw in questions that students get wrong time after time. Memorising the answers from the Examiner's Reports could be very helpful.

For us this year, it's gonna be hard to determine what they will put on the Exam, since it's only one exam. When it was 2 exams, there was less content which meant that common questions that come up could be recognised, and therefore the students could memorise the answers for them.

[Kuroyuki]

Definitely. The Chief Examiner loves to throw in questions that students get wrong time after time. Memorising the answers from the Examiner's Reports could be very helpful.

For us this year, it's gonna be hard to determine what they will put on the Exam, since it's only one exam. When it was 2 exams, there was less content which meant that common questions that come up could be recognised, and therefore the students could memorise the answers for them.

just memorize more answers

[siddhartharora]

I'm doing both Accounting and Economics. I'd encourage you to take up Economics if you're able to read, make notes, memorise notes and get every bit of information in your head. Essentially you need to do that for Economics in order to achieve a good mark. I'd encourage you to take up Accounting if you like to do more practical work, as Accounting has a major emphasis on problem solving through Accounting reports. Though keep in mind, that's what I make of it. At the end of the day, your decision, and hopefully all works out. I personally enjoy both subjects (not so much this year; falling behind + 1st year graduate teacher's), and really can't pick between which one is better. Economics is more structuring responses, technical, key words, explanations, discussing, where as Accounting has less theory and more doing practical questions.

[Firemurphy]

Quality answers- thanks a lot guys for spending time to respond to this! I have decided to do Unit 2 Economics

[spectroscopy]

personally at my school i love economics
its alot of discussion, and taking notes when needed, but i dont think its too structured LOL
but alot of people in my class are failing because they simply dont get it
some of the most studious kids who aced everything since year 9 are getting their first fails simply because they dont understand how it works and how the knowledge is applied, even though they have perfect notes and definitions and study so hard
whereas others (few people), dont do any hw whatsoever and fail the rest of their classes, but come test time it seems like common sense and logic to them
try it see if you like it