Many students are asking questions and one of the popular question they ask is…  Is Economics compulsory for Accounting? The short answer is YES! You cannot fail Economics in your WAEC, NECO or GCE and expect to gain admission to study Accounting.

However, few universities accept Commerce in place of Economics. If you fail Economics, but pass Commerce, you still have a high chance of gaining admission. If you want to study Accounting and you fail both Economics and Commerce, there remains no alternative than to resist another O level examination.

Economics is the basic discipline among social sciences so that it is independent of other sciences while other social sciences like Accounting is dependent upon Economics.

Accounting is not an experiment, but it is based on real operations. This is the crucial difference between accounting and Economics. Accounting is based on real experience. Economics is only concerned with an imaginary comparison between which alternatives to take.

Economics is compulsory for Accounting because both of them are concerned with the same subject matter; goods and services. Economics analyzes the variables related to goods and services, such as production, consumption and trade, whereas accounting involves record-keeping.

Although accounting and economics differ in their objectives and outputs, they both aid people in making sound economic and financial decisions. Economics is compulsory for Accounting.

In summary, is Economics compulsory for Accounting? The short answer is YES!

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