Accounting is like science follows a systematic and organized path to understand the economic status of the entity. Accounting is an art because it presents the financial findings by following and implementing a universally accepted method of GAAP. Accounting is considered an art because it requires the use of skills and creative judgment. One has to be trained in this discipline to be able to perform accounting functions well. Accounting is also considered a science because it is a body of knowledge. However, accounting is not an exact science since the rules and principles are constantly changing (improved).
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