discuss five merits and five limitations of accounting?
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Advantages of Accounting
Maintenance of business records
Preparation of financial statements
Comparison of results
Decision making
Evidence in legal matters
Provides information to related parties
Helps in taxation matters
Valuation of business
Replacement of memory
Disadvantages of Accounting
Expresses Accounting information in terms of money
Accounting information is based on estimates
Accounting information may be biased
Recording of Fixed assets at the original cost
Manipulation of Accounts
Money as a measurement unit changes in value
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