Question

explain in brief different types of accounting.what are the limitations of accounting ?​

Answer 1

Explanation:

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.

Answer 2

There are three types of accounting.. These types are taxaccounting, financial accounting and management accounting. Management accounting is useful to all types of businesses and taxaccounting is required by the IRS. Financial accounting is only relevant to larger companies....

Limitations of accounting are.:-

Recording only monetary items.

1. Time value of money.

2.Recommendation of alternative methods.

3.Restrain of accounting principles.

4. Recording of past events.

5.Allocation of the problem.

6.Maintaining secrecy.

7.The tendency for secret reserves.

8.Importance of form over substance.