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Accounting as Science and Art

Accounting is considered as both science as well as arts.

The reason to consider it as arts is because of its conceptual knowledge and its practical application in the real field. It is used as a practice in maintaining the book of accounts. It is used as an everyday affair in real life situations in a company.

When accounting is considered as science, it too has specific reasons. We are aware of the fact that science being an organized knowledgeable body is exhibits a clear relationship between sources and their effects. Similarly, accounting also has its own verifiable concepts, assumptions, and principles which are applicable universally. It has its own credit and debit rules, and scientific and methodically developed equations for accounting. These factors make accounting science.

With these reasons, it can be stated that accountancy is an apt representation of both arts and science.