Is accounting an exact science?
Accounting is far more like an art than a science. In science, once a law of nature is understood, and the mathematics is worked out, that is it. The law can be applied but not changed. In accounting, we make up the rules as we need them. Financial reporting rules, audit guidelines, tax and business law, etc. all change to meet the needs of the market and management. Accounting professionals must be creative. They must be able to anticipate needed changes in the accounting information, develop new information, implement the changes, evaluate the changes and then be prepared to do it all over again. You will never stop having to learn new things in accounting.
