0Is accountancy science and art?:--Accountancy plays a very important role in these days of growing commercial and trade. Frequently various laws and Acts like—Company’s Act, M.R.T.P. Act are being changed to meet the various requirements of an economy. So, business, trade, commerce are becoming more and more complex with the changes of business laws and regulations , the role of accountancy is also changing. Accountancy is both science and art. Science means knowledge while art is action or the way of doing a thing in a significant way on the basis of certain accepted principles. Now-a-days , accountancy has so much of practical utility that its theoretical study is overshadowed by its practical application. It has now become a practice-oriented subject. If, we analyse the definitions of accountancy we will find that it is a systematic and scientific record of transactions in a set of books. Recording of transactions is an art which is done on the basis of certain accounting principles.
