hey everyone! WHICH IS MORE INTERESTING ECONOMICS OR ACCOUNTING?

[bloom princeton]

heya i have to study for the oct/nov igcse session during the summer vacations ..so im left with an option from either economics or accounting..so which is better?

 

[Iishrak]

although i have acc, but i think economics is more interesting, but if u wanna get good grades go for accounting, it's way more easier than economics

 

[zainenayab]

Economics.

 

[TechyAccountant]

heya i have to study for the oct/nov igcse session during the summer vacations ..so im left with an option from either economics or accounting..so which is better?

Do you absolutely have to choose? cause id go for both any day =!

Economics will have you diving in theory and reasoning, along with a few numbers. But yes, if you're the 'type', you'll really like it. (does NOT mean its any less technical. This is a VERY technical subject.) So if you have a taste for the workings of economies as a whole (and in detail) and you dont mind learning several theories, you'll be fine. (Hell, i managed to bag 90% in AS Level. Thus, if you get it, you can ace it.)

Accounting on the other hand, will have you waist-deep in numbers from the start. The numbers will, ofc, be accompanied by theory but not much of it. All the theory i remember from my O level days is understanding ratios and the conceptual framework, and nothing more. Its mostly based on moving numbers around using a heap of clever (and useful) techniques .

Hope this helps you choose.

 

[bloom princeton]

Do you absolutely have to choose? cause id go for both any day =!

Economics will have you diving in theory and reasoning, along with a few numbers. But yes, if you're the 'type', you'll really like it. (does NOT mean its any less technical. This is a VERY technical subject.) So if you have a taste for the workings of economies as a whole (and in detail) and you dont mind learning several theories, you'll be fine. (Hell, i managed to bag 90% in AS Level. Thus, if you get it, you can ace it.)

Accounting on the other hand, will have you waist-deep in numbers from the start. The numbers will, ofc, be accompanied by theory but not much of it. All the theory i remember from my O level days is understanding ratios and the conceptual framework, and nothing more. Its mostly based on moving numbers around using a heap of clever (and useful) techniques .

Hope this helps you choose.

yeah actually i do have to choose becoz ill be studying A2 BIO.CEHM AND MATHS AT the same time of the year so its easier if i pick one only so economics does it require general knowledge about the current economy or its just book stuff and memory game like business studies i got an A* in it bceoz it relied upon memoery and it was fun so is economics or accounting closer to business? THNX 4 ur help

 

[bloom princeton]

Economics.

thnx 4 the help

 

[bloom princeton]

although i have acc, but i think economics is more interesting, but if u wanna get good grades go for accounting, it's way more easier than economics

i heard accounting was a bit complicated cuz ill be self-studying either of the subjects so accounting does require someone to tutour you right?? did you self study accounting??

 

[TechyAccountant]

yeah actually i do have to choose becoz ill be studying A2 BIO.CEHM AND MATHS AT the same time of the year so its easier if i pick one only so economics does it require general knowledge about the current economy or its just book stuff and memory game like business studies i got an A* in it bceoz it relied upon memoery and it was fun so is economics or accounting closer to business? THNX 4 ur help

Both of them are closer to business, in one you learn about how the economy effects the business, in the other you learn about the internal workings of a business. Ill lay down a summary of IGCSE/Olevel Accounting and Economics syllabus here, you can then decide which one youd prefer.

ECONOMICS:

1. Basic Economic Problem (Scarcity of resources)
2. The allocation of resources (How to make best use of scarce resources): how the market works, market failure
3. The individual as a producer, consumer and borrower
4. Private firms as a producer and employer
5. Role of the Government
6. Economic indicators
7. Development Economics
8. International Aspects (Exchange rate, trade controls, BOP, etc).

ACCOUNTING:
1) Accounting principles

• accruals (matching)
• business entity and ownership
• consistency
• duality
• going concern
• money measurement
• prudence
• realisation

2) Accounting policies

• Comparability
• Relevance
• Reliability
• Understandability

3) Purpose of Accounting

• difference between book-keeping and accounting
• purposes of measuring business profit and loss
• role of accounting in providing information for monitoring progress and decision-making.

4) Source and Recording of Data

• The double entry system of book-keeping
• Business documents
• Books of prime (original) entry - Journals & Cash Book
• The ledger

5) Accounting Procedures

• Capital and revenue expenditure and receipts
• Accounting for depreciation and disposal of fixed assets
• Bad debts and provision for doubtful debts
• Valuation of inventory (Stock valuation)

6) Verification of accounting records

• The trial balance
• Correction of errors
• Bank reconciliation
• Control accounts

7) Final accounts

• Income statements (trading and profit and loss accounts)
• Balance sheets
• Manufacturing accounts for Sole trader Clubs and Societies
• Limited companies
• Partnership
• Single entry system or incomplete records

8) Analysis and interpretation

• Ratio Analysis
• Types of ratios
• limitations

so yeah, there it is. Ive explained accounting in more detail because i kinda know it inside out O_O
my conclusion is that accounting is definitely more on the technical side. You should look at it and decide for yourself , though, cause opinions do differ.

hope this helps.

 

[bloom princeton]

Both of them are closer to business, in one you learn about how the economy effects the business, in the other you learn about the internal workings of a business. Ill lay down a summary of IGCSE/Olevel Accounting and Economics syllabus here, you can then decide which one youd prefer.

ECONOMICS:

1. Basic Economic Problem (Scarcity of resources)
2. The allocation of resources (How to make best use of scarce resources): how the market works, market failure
3. The individual as a producer, consumer and borrower
4. Private firms as a producer and employer
5. Role of the Government
6. Economic indicators
7. Development Economics
8. International Aspects (Exchange rate, trade controls, BOP, etc).

ACCOUNTING:

1) Accounting principles

• accruals (matching)
• business entity and ownership
• consistency
• duality
• going concern
• money measurement
• prudence
• realisation

2) Accounting policies

• Comparability
• Relevance
• Reliability
• Understandability

3) Purpose of Accounting

• difference between book-keeping and accounting
• purposes of measuring business profit and loss
• role of accounting in providing information for monitoring progress and decision-making.

4) Source and Recording of Data

• The double entry system of book-keeping
• Business documents
• Books of prime (original) entry - Journals & Cash Book
• The ledger

5) Accounting Procedures

• Capital and revenue expenditure and receipts
• Accounting for depreciation and disposal of fixed assets
• Bad debts and provision for doubtful debts
• Valuation of inventory (Stock valuation)

6) Verification of accounting records

• The trial balance
• Correction of errors
• Bank reconciliation
• Control accounts

7) Final accounts

• Income statements (trading and profit and loss accounts)
• Balance sheets
• Manufacturing accounts for Sole trader Clubs and Societies
• Limited companies
• Partnership
• Single entry system or incomplete records

8) Analysis and interpretation

• Ratio Analysis
• Types of ratios
• limitations

so yeah, there it is. Ive explained accounting in more detail because i kinda know it inside out O_O

my conclusion is that accounting is definitely more on the technical side. You should look at it and decide for yourself , though, cause opinions do differ.

hope this helps.

thnak YOU SOOOOOOOO MUCH for your help i really appreciate it so very very much THNX A MILLIONNNN!!

 

[TechyAccountant]

thnak YOU SOOOOOOOO MUCH for your help i really appreciate it so very very much THNX A MILLIONNNN!!

Youre most welcome ^^

Good luck with everything

 

[abdul moeed ahmed]

well to be honest! I would prefer 'accounts' since i am arts student too and giving my igcse exams may/june.Economics is easy but leanthy.But i wont regreat u from taking.Accounts is bascially format schedule.U have the format and khalas ur done
But in economics u have to learn the definations and pros and cons etc.
But during exams eco prefers much easier but accounts DAMN HARD! ><
Still knewing the format!

 

[bloom princeton]

well to be honest! I would prefer 'accounts' since i am arts student too and giving my igcse exams may/june.Economics is easy but leanthy.But i wont regreat u from taking.Accounts is bascially format schedule.U have the format and khalas ur done
But in economics u have to learn the definations and pros and cons etc.
But during exams eco prefers much easier but accounts DAMN HARD! ><
Still knewing the format!

thank you for the help..i think ill opt for economics since im better at memorizing stuff than understanding them thnx!

 

[abdul moeed ahmed]

Good

 

[zainabkhann]

can someone tell me the best book to study from for olevel economics please thanks will appreciate

 

[Sarah Paul]

OH NO!!!!!!!!!! Accounts is way bettre than Econ. Accounts is more easier than Maths!!! For Accounts u shud know only the formats, if u do three sums each it is going to be stored in ur memory. And the theopy which comes for Accounts is repeated in almost all the papers and there is not much of theory which will make u score marks easily!!!!

For Econ its full of theories and its like once in a bluemoon that u get calculations and usually the questions arent repeated. It is repeated very rarely. And usually ull have to think alot and u cannot give short detailed answers but it should be fully detailed and most of the time ull have to write 2 sided answers which can be really annoying

 

[zainenayab]

can someone tell me the best book to study from for olevel economics please thanks will appreciate

The best book for economics is "O' level and igcse Economics by Brian Titley"

 

[bloom princeton]

OH NO!!!!!!!!!! Accounts is way bettre than Econ. Accounts is more easier than Maths!!! For Accounts u shud know only the formats, if u do three sums each it is going to be stored in ur memory. And the theopy which comes for Accounts is repeated in almost all the papers and there is not much of theory which will make u score marks easily!!!!

For Econ its full of theories and its like once in a bluemoon that u get calculations and usually the questions arent repeated. It is repeated very rarely. And usually ull have to think alot and u cannot give short detailed answers but it should be fully detailed and most of the time ull have to write 2 sided answers which can be really annoying

a friend of mine says that accounting is hell hard to understand and since ill be self studying it i wont be capapble of understanding any weird concepts but is economics like closely related to business you know like memorizing and stuff like that?

 

[hamza budhani]

economics is way easier!and more interesting

 

[bloom princeton]

economics is way easier!and more interesting

is it all memorizing rather than understanding??

 

[hamza budhani]

its mostly memorizing