Is the accounting discipline a science or an art?
What do you think? Is the accounting discipline a science or an art? Why? Support your opinion with references/sources and or experience.
Based on your original response to the above question and your classmates' responses that you agree/disagree with, (provide why!), I would like you to think of accounting theory, its assumptions, concepts, and principles. Do they make sense to you? Why? If you are currently working in the field of accounting, why do you think it is an important discipline to be learned by people who have any relation to a business? Do you benefit from learning financial accounting as an individual? Why? Explain.
What do you think of accrual basis of accounting? Does it seem like a logical application of accounting principles and assumptions in measuring the results of operations for a certain period of time? What is wrong with applying cash basis? Which is easier?
How we may balance the capital structure of a business which is a components of various sources of funds needed for business between loans and owners contributed capital?