Accounting involves an inquiry into the cause and effect of financial records.

It is a
body of knowledge that depends on a set of ever-changing rules and principles that
have a universal application. The concepts, assumptions, and conventions are
acceptable accounting practices globally essentials (Fellingham, & Lin, 2018).
Furthermore, the accounting practice is a subject that depends on recording and
presentation skills based on observation, investigation, and identification of financial
data. This practice is subject to the data collection, testing, and analyzing methods
articulated by the accounting principles. It is, therefore, accurate to argue that
accounting is a science since it depends on fundamental laws and regulations
coupled with observation and testing of facts. Like science, it follows a specific
organized path to determining and understanding the economic status of an entity
through the collected financial records. Additionally, just as acceptable conclusions
in sciences require identifying, recording analyzing, and researching so does
accounting through the double-entry bookkeeping technique.
Accounting requires accuracy and precise calculations, which are brought about by
creative judgment and skills. Excellent accounting functions are subject to discipline
and intense training. Accounting, therefore, involves the study and implementation
of a particular set of skills, methods, and techniques to get desired results. This is
evidence that accounting is also an art since it presents financial reviews by following
the generally accepted approaches defined by GAAP and IFRS. According to the
American Institute of Certified Public Accountants (AICPA), accounting is an art of
recording, classifying, and analyzing financial information for correct interpretation
(McGuigan & Ghio, 2019). Art in accounting also applies in the implementation of
established principles, for example, bookkeeping of economic entities. Additionally,
it involves different institutions and varying situations that require flexible rules for
correct application in all cases. Given that accounting is subject to learning by
practice, it depends on the artistic nature of those implementing it since every
accountant is not the same.
Accounting is both a science and an art. Its dependence on practice and association
with an implementation based on set guidelines shows the artistic elements in
accounting. However, the method is subject to the accountants and the changing
business environment, and thus the established principles are not rigid. According to
McGuigan & Ghio (2019), the flexibility of these rules to accommodate different
scenarios and institutions further provides evidence into its artistic nature. Its
description by AICPA also shows that accounting is an art depending on an
individual point of view. The science in accounting is undeniable, given that the
practice is subject to scientific methods such as observation, investigation, summary,
and interpretation. The set of principles that form the guidelines of accounting is
another sign of the scientific nature of this practice. For example, debits equal to
credits are a scientific formula (Fellingham, & Lin, 2018). The balance sheet must
always balance is another principle that shows that accounting depends on scientific
conclusions.
In conclusion, science and art in accounting are subject to individual perceptions. In
my opinion, despite the artistic and scientific nature of accounting in today’s
business world, its future is a vital subject of in-depth research and discussions.
Because of technological advancement and the increase in popularity for accounting
software, the artistic aspect of accounting continues to fade. Removing the human
element and entirely replacing the accounting practice to technology will mean that it
will become a purely scientific practice. McGuigan & Ghio (2019) claim that as the
human ability to produce more intuitive computers increases over time, Accounting
will skew towards becoming of science due to the eradication of the artistic impulses.