Because you're such a dedicated student, you'll already be familiar with a variety of accounting definitions.

Let's take a look at some of them.

According to the American Accounting Association (AAA), accounting is 'the process of identifying, measuring and communicating economic information to permit informed judgments and decisions by users of information.

The American Institute of Certified Public Accountants (AICPA) had defined accounting as "the art of recording, classifying, and summarising in a significant manner and in terms of money, transactions and events which are, in part at least, of financial character, and interpreting the results thereof".

To A.W Johnson, Accounting is the collection, compilation and systematic recording of business transactions in terms of money, the preparation of financial reports, the analysis and interpretation of these reports and the use of these reports for the information and guidance of management.”

In Weygandt et al view, "Accounting is an information system that identifies records and communicates the economic events of an organization to interested users"

Today, we will be doing a debateIs accounting an art or science?

The answer is both. Accounting is both an art and a science.

Why is accounting an art?

Accounting is considered an art since accounting records are kept on a system that is based on some assumptions or personal judgments.

It is a practical discipline that requires skills, knowledge, and consistent practice.

Accountants become skilled and experienced as a result of their continuous practice of keeping records.

Therefore, accounting is considered an art because it requires creative judgement and the use of skills and one has to be trained to be able to perform accounting functions well.

Why is accounting a science?

Accounting is also considered a science because it involves some universally applicable principles. 

The items that are recorded in the books of accounts are all based on certain generally accepted principles.

The entries in the books of accounts are all based on a set of universally acknowledged rules and principle

Accounting consists of concepts, conventions, rules, and principles, among other things. 

Thus, accounting is a science because it is a body of knowledge based on certain basic principles.

To conclude, accounting is an art because it involves the use of skills and creative judgment while accounting is a science because it has a body of knowledge based on principles that are generally accepted.

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