Question

Is accountancy an art or a science or both ? Explain with reasons.

Answer 1

Accounting is an art as well as the science of recording, classifying and summarizing business transactions which are of a financial character and are expressed in terms of money. It also includes interpretation aspect of the recorded information.

1. Science: Accountancy is science because it has some objects

2. Art: It is an art because it prescribes the process through which the objects can be achieved.