What is Commerce?

Commerce branches to commercial studies, Accounting and Economics.

Commercial Studies:

Commercial studies comprises of Accounting, Economics and Financial Education. It provides information about business and economic affairs to the interested parties. Accounting as a component of Commercial Studies deals with processing, reporting and interpreting of financial data. Economics looks at the production, distribution and consumption of goods and services. Financial Education is the ability to understand and effectively apply various financial skills including personal financial management,  budgeting and investment which helps students to achieve financial stability .The study of  Commercial studies ensures that the students learn how to budget, track spending, effectively pay off debts, properly plan for retirement and make  sound investment decision.

Economics:

Economics is the study of how people make use of scarce resources to satisfy their needs and wants.It is a very wide field of study. Economics is  also about how people produce goods and services, how government helps to look after society’s needs and wants, how our country trades with other countries, how individuals makes economic decision and solve economic problems. Indeed Economics is an important subject because of the fact of scarcity and desire for efficiency. It helps individuals to make better choices in life. The study of Economics would fully equip students to tackle simple and challenging tasks and provide a useful tool in decision making.

Accounting:

Accounting is the process of recording financial transactions pertaining to a business. The accounting process includes summarizing, analyzing and reporting these transactions to oversight agencies, regulators and tax collection entities. It can be simple as traditional bookkeeping or as complex as modern financial reports. The study of Accounting enables learners to transit into wider career opportunities such as Financial Accountants, Auditors, Teachers and many other Accounting related fields. For the beginners at secondary school level, study of accounting gives students an upper hand in understanding source documents, budgeting, preparing tax returns, bank reconciliation, managing ledgers and preparing financial reports of small business. Later in Year 13 the study of senior accounting prepares students for concentrated accounting concepts and its application, ventures into partnership, company and Cost Accounting that sets the platform for Accounting majors at universities.