Abstract: This study investigated Business teachers and students’ perception towards the practice of assessment in Mfantsiman Municipality, Cape Coast. To realize their perceptions, descriptive survey design was used. A close-ended questionnaire item with five point Likert- scale was administered to forty teachers and two hundred and thirty students. The data was analysed using descriptive statistics. The results from the data indicated that the students and teachers had a positive perception about assessment. The findings also indicated that there was no statistically significant difference between teachers and students’ perception towards the practice of assessment. Most of the teachers in this study used assessment for documenting learning, rather than reporting purposes.