describe two limitations of accounting
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One of the biggest limitations of accounting is that it cannot measure things/events that do not have a monetary value. If a certain factor, no matter how important, cannot be expressed in money it finds no place in accounting.
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Costly: The process of accounting includes management of many books of account which turns out to be costly.
Record of transactions in monetary terms: Accounting includes recording of transactions and making conclusions out of it which is done in the form of money as numbers are not always an ideal way to know the actual growth of firm, business.
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