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Answer Posted / nikhil n
In simple words, science establishes relationship of cause
and effect whereas art is the application of knowledge
comprising of some accepted theories and rules.
Accounting is an art of recording financial transaction in a
set of book; classifying in desired categories and
summarizing the information for presentation in a suitable
manner to the concerned persons for their benefit.
Accounting is also science in the sense that it comprises of
rules, principles, concepts, conventions and standards. All
these form body of knowledge which has recognitions all over
the world. The term GAAP denotes generally accepted
accounting principles. At present we have International
Accounting Standards Committee also.
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