Hey, this seems to be a really popular question!
As dunno2012 has said, picking up VCE Accounting is definitely doable, especially with your Year 10 experience. However, it does put you at a slight disadvantage compared to those who have completed the previous units. Having completed both Units 1/2 and 3/4 of the subject, I can definitely say that there is a significant level of overlap. In Units 1/2 you build many foundational concepts such as:
• Definitions of the accounting elements;
• Use of and types of accounting reports;
• Ethical considerations;
• Accounting assumptions and qualitative characteristics;
• Source documents;
• Distinction between cash vs profit;
• Financial and non-financial indicators;
• Inventory cards;
• Budgeting and
• Inventory management.
These concepts are used throughout Units 3/4, and those that already have a thorough understanding will be provided with a competitive edge. From my experience, I’ve found that most students who pick up the subject as a 3/4 struggle initially. To succeed in VCE Accounting you must be able to understand the theory and apply this to different scenarios. This is a skill that - for most people -comes through heaps of practice.
That being said, it is not impossible if you are prepared to work hard. Don’t be afraid to ask for help when you don’t understand a concept and seek feedback on your responses! As much of the theory builds on itself, at the beginning of the year you may have a larger workload than most. However, if it’s a subject that you’re really interested in, and prepared to work hard at, don’t let fear hold you back! It’s better to do something that you know you’ll enjoy, than a subject you absolutely hate.
Best of luck for next year!