Accounting is a science or an art Discuss Essay Example | Topics and Well Written Essays - 750 words

Accounting is a science or an art Discuss - Essay Example The field of science employs these exact procedures to conclusion about a phenomenon. Scientists identifies and researches on topic, measure, and record results to satisfy everyone with the accuracy of the data (Sofat, 2010:9). It is the same way that accounting utilises this same in its transaction. For instance, accountants categorises transactions and records them using a double-entry bookkeeping accounting system. This system includes a set of accounts. When auditors carry out their tests to ascertain the accuracy of accounting practices, they use numerous tests and measurements to satisfy everyone. They ensure the results are accurate. This is a scientific approach rather than a mere data interpretation. In addition, accounting makes use of scientific formulas. For instance, the debits sides must always be equal to the credit side. This is the accepted method of communicating financial data in an understandable and summarised format. This communication encompasses preparation of financial reports such as balance sheets, cash flow statement, general ledgers, and income statements (Sofat, 2010:13). After preparation of these documents, accountants employ scientific formulas to measure, analyse, and interpret the data contained in these financial documents. The basis of income computations, calculations of depreciating assert, and estimation of tax rates requires scientific applications of addition, subtraction, division, and addition. This makes accounting a science rather than an art. Accounting is an art because it entails organising, maintaining, recording, and analysing financial activities. This encompasses translation of information into meaningful terms that appeal different parties. Art entails practical application of skills and knowledge that have the basis on certain principles. The skills and knowledge helps people to do their work efficiently with