Accounting is both – a science and an art. Science is an inquiry into the relationship of cause and effect about occurrence or happening. Scientific knowledge is obtained by observation and testing of fact. Science is based on well established laws or rules. In accounting too, recording, classifying and summarizing of business transactions is done on the bases of clear and rational rules. Considerably progress has been made in developing standardized basic accounting principles and accounting practices. Accounting, therefore, may be termed as a science.

Accounting as an Art, is that part of knowledge which enables us to reach our goals and shows the way to attain the given objectives in the best possible manner. Since accounting has to deal with different kinds of organizations and varied situations, it has not yet been possible to develop rigid rules applicable in all cases. To this extent, it is still an art. Accounting does tell us the manner in which special objectives can be achieved. Accounting is an art of recording, classifying and summarizing in terms of money events and financial character interpreting the result thereof.

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