'Accounting is an art as well as science' explain it.?

Question

Answer

Accounting can be considered an art because it requires creative judgment and skills. ... Accounting can also be considered a science because it is a body of knowledge, but since the rules and principles are constantly changing and improving, it is not considered an exact science.

Answer

It is an art because  it requires  personal skills and experiences. It is also a science because  it is based on certain principals and laws

Answer

Introduction

Accounting is a vital aspect of any organization or business as it helps in keeping track of all financial transactions and activities. It is considered both an art and science because it involves a combination of technical skills and creativity.

Accounting as an Art

Art refers to the application of creative skills and imagination to produce something that is aesthetically pleasing or useful. Similarly, accounting involves the use of creative skills to analyze financial data and present it in a useful and understandable format.

Some ways in which accounting is considered an art are:

- Designing financial statements that are easy to read and understand
- Interpreting financial data to identify trends and patterns
- Applying accounting principles and guidelines to solve complex financial problems
- Making informed decisions based on financial data

Accounting as a Science

Science refers to the systematic study of the natural world through experimentation and observation. Similarly, accounting involves the use of scientific methods to collect, analyze and interpret financial data.

Some ways in which accounting is considered a science are:

- Following Generally Accepted Accounting Principles (GAAP) to ensure consistency and accuracy in financial reporting
- Using mathematical and statistical models to analyze financial data
- Conducting audits to verify the accuracy of financial data
- Applying scientific methods to identify financial risks and opportunities

Conclusion

In conclusion, accounting is both an art and science as it requires a combination of technical skills and creativity to analyze financial data and present it in a useful and understandable format. It is a vital aspect of any organization or business and plays a significant role in decision-making, financial planning, and risk management.

Answer

Answer

Accounting can be considered an art because it requires creative judgment and skills. Accounting can also be considered a science because it is a body of knowledge, but since the rules and principles are constantly changing and improving, it is not considered an exact science.

Answer

Accounting is an art as well as science. art is the technique which help us to achieve or desired objectives. accounting is an art of recording ,classifying and summarising financial transactions. it helps us in knowing the profitability and financial position of the business. any organised knowledge based on certain basic principles is a ‘science’. accounting is also Science as it is an organised knowledge based on certain basic principles.

Answer

What is a economic.

Answer

No all answers are wrong it is a process of recording classifying analysing summarising balancing and interpreting the result

Similar Commerce Doubts

"Accounting is an art as well as science". Describe?

Is accounting an art or science? Explain.?

How will capital and drawing be treated? The treatment is done on the basis of which accounting principle or concept? Explain both the terms as well.?

accountancy as an art or science Related: Branches(Sub-Disciplines) of Accounting?

Is accounting is a science or an art?

Top Courses for CommerceView all

Chapter Notes for Commerce

Economics Class 12

Economics Class 11

NCERT Books & Solutions for Commerce

Economics for CBSE Class 12 Board Examinations

Top Courses for Commerce

Top Courses for Commerce

Suggested Free Tests

Related Content

Commerce Courses

Other Courses

How To Prepare?

Related Exams

Company