Is accounting is a science or a art?

Accounting is both a science and an Art:

 Science may be defined as a systematic body of knowledge based on certain principles which have universal application. It establishes relationship of cause and effect about any occurrence or happening.

Art on the other hand is the application of knowledge comprising of some accepted theories, rules, concept and conventions. It help us to achieve our goals and tells us how to achieve our objectives in best way. Accounting is a science because recording, classifying and summarizing  of business transaction is done on the basis of certain principles of double entry book-keeping system which are universally applicable.

However, in accounting the relationship of cause and effect is not discussed which is a basic feature of pure science. It may therefore, be said that accounting is a science but not a pure science.

Accounting is used in different organization under different situation so it is not possible to develop principles which have universal applicability. Accounting is based on certain concept and conventions and is subject to some limitations. It is influenced by bias and personal judgement of the accountant.

To this extent, accounting is still an art. It tells us the manner through which some special objectives, like ascertaining the operating result for an accounting period and the financial position of the business on a particular date, can be achieved.