Question

Day-Friday
Question Answer.
Write down
five
limitations
of accounting​

Answer 1

Limitations of Accounting

❥Measurability. One of the biggest limitations of accounting is that it cannot measure things/events that do not have a monetary value.

❥No Future Assesment.

❥Historical Costs.

❥Accounting Policies.

❥Estimates.

❥Verifiability.

❥Errors and Frauds.

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Answer 2

Answer:

The main limitations of accountancy and financial statements fall into the following categories:

• Accounting policies.
• Estimates.
• Professional judgement.
• Verifiability.
• Using historical costing.
• Measurability.
• Predictive value
• Fraud & Errors.

Explanation:

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