No, it is not theory based subject. It is a practical subject. Accountancy is the process of managing the income and expenses of a business.
The process of recording and summarising financial transactions is known as book keeping.

It refers to the process of measuring, summarising, and communicating the financial information produced by bookkeeping to classify and explain account information to relevant parties such as shareholders and managers.

You can call it a mixture as it includes theory along with praticals so I would suggest you to focus on your syllabus completely as both theory and practicals are important.

Good Luck!!!

Accountancy is about the measurement, processing, and communication of financial information about economic entities such as businesses and corporations.