ACTIVITY 2:

1. Why is accounting considered as an art?

- Accounting is considered an art for in order to be able to execute the accounting functions
well there is a need of an artistic and creative way of understanding and judgements,
discipline and lastly training
2. Why is it a science?
- Accounting is a science as it is also a body of knowledge that continues to change therefore
it is not considered an exact science.
- It can also be a science for the reason that it is systematic and it is uses deep analyzation in
cases.
3. If you are the accountant of a business, how would you convince the management that in order
to achieve success they must at least follow some of the applicable objectives of accounting
objective.
 In order to convince the management, I should support my claims with factual data and
theories that is related or connected with what I am trying to claim. In addition I would also
give a more detailed explanation on how my claim that to achieve success a business must
at least follow some accounting objectives would help for the business to be successful.
4. Enumerate and explain the manner in which the functions of accounting are applied in the
business and industry.
As a business or the economic entity provides financial information such as the
profitability, going concern, tax bases and more to the information users such as the
management, employees, government and more they are used for the decision making
of the business. Example when facing a problem within the company like in the
distribution of resources or whether the company is not profiting enough to cover its
expenses financial statements by the accounting team will be used in order to know
where the problem is and will give idea on how to resolve the problem.