I think of accounting as a combination of art and science ! Applying judgement and common sense make it art and applying rules and standards make it science !!
by
Khaja Moinuddin , Group Assistant Financial Controller , Confidential
Accounting is an art as well as a science.
Accounting is an Art the technique of recording, classifying and summarising financial transactions. It helps us in achieving our objective of maintaining proper accounts, i.e. , to know the profitability and financial position of the business.
Any organised knowledge is based on certain basic principles in a 'science'. Accounting is also a science.
by
Hojimurod Bakirov , Financial Projects Consultant , London School of Business & Finance
I consider it more as science, you need to have a knowledge to know what accounting is. There is a rule to follow it and you cannot make judgements or derrive a result based on your talent or imagination.
Do you know a case in UK for Jaffa cakes. In UK there is no VAT on choco coverred cakes but on choco coverred biscuits. So Jaffa cakes were recognised by the court as cake. so no VAT. But not everyone will agree on it.
So there is another case with Pringles. Same was applied, no VAT, in summer 2008 but after in 2009 the decission ws reversed. All above is Law, which is kind of art. but at the end of the day when you come to pay VAT, you cannot do anything even if youare a super talented and can argue it based on your artistical skill, you just need to pay VAT following a court decision and making it rule.
Accounting is a mixture of art & science. Accounting is science because it is based on certain principles of universal application which is derived by observation,experiments and testing. It is an art because it requires regular practice like a singer or a painter.
