Question

describe the limitation of accounting​

Answer 1

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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.

Explanation:

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Answer 2

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᪥Limitations of accounting are as follows:

1. It is historical and mostly based on past events.
2. You cannot entirely hedge risks.
3. The standards of accounting aren't harmonious throughout the world. This causes problems in international trade sometimes.
4. It isn't a pure science like physics and mathematics. Its methodology changes now and then.
5. It is difficult to calculate the exact cost of a product.
6. The subjective discretion of the accountants vary.
7. Budgets aren't always attainable.

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