Before we critically review the expression, Accounting is not a precise science,

we must first ask ourselves, what is accounting? The 'Accounting and Finance: An
Introduction' sets out the definition as follows, The process of identifying,
measuring and communicating information to permit informed judgements and
decisions by users of the information. The nature of accounting is orientated
around measurements and decision making generated by judgements and forms
of subjectivity, which would satisfy the expression of accounting not being a
precise science.
However, through definition accounting may not seem as a science of complete
preciseness, certain aspects of the framework based around the field would
suggest else wise. Auditors have a duty of declaring whether a companys
financial statement gives a true and fair picture, expectations and strict
regulations have been set to ensure auditors meet a standard when performing
an audit. Nevertheless, there is only so much these restrictions would keep
accounting regarded as precise.
Accounting in each country differs depending on the reporting or
accounting framework used within that country; this again shows a subjective
nature held in accounting. Nevertheless, there has been a progression in tackling
the issue, The International Accounting Standards Board (IASB) has set up
the International Financial Reporting Standards (IFRS) which is dedicated to
developing a single set of global accounting rules, designed to provide
transparent and comparable information in financial statements. They aspire to
make the field of accounting, if not by nature, a more precise science in
eradicating ambiguity, with a standard which would universalise how financial
statements are approached.

Accounting in each country will differ depending on the reporting or accounting

framework within that country, this already shows the subjective nature of
accounting.
In the uk we follow the uk GAAP framework or listed clients follow ISAs these
are framework to apply, there is alot of judgement, subjective and estimates
which means that it is not precise
But it is a science of a sort
But it is not precise
Take the example of depreciation it can be applied in many different forms as
long it can be justified within the boundaries of the framework
Conclusion