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Accounting is both a science and an art. Science, as we know is the systematized body of knowledge establishing relationship between causes and their effects. In other words, science has its own concepts, assumptions and principles which are universal and verifiable. Accounting as discipline has also its own as assumptions, concepts and principles, which have got universal application. Accountants have systematically and scientifically developed accounting equation and rules of debit and credit. It makes accounting, Science.

Art is the practical application of the knowledge. Accounting as discipline is used in the maintenance of books of accounts practically in the real life situations and day-to-day affairs of the business, so it is an art also. It can now be safely concluded that Accounting is both science and an art.