Question

113. Define Accounting. Explain any two limitations of Accounting.

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Answer 1

Define Accounting. Explain any two limitations of Accounting.

Limitations of accounting are as follows:

Accounting information ignores the qualitative elements: As accounting statements are confined to monetary values only, qualitative elements are ignored. Accounting information ignores the effect of price level changes: Accounting statements are prepared at historical cost.

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Answer 2

Answer:

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