explain in brief different types of accounting.what are the 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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It is well established that accounting, especially financial accounting is of absolute importance. Whether it is the management of the company or other external stakeholders, they depend on these financial statements for their dose of information about a firm’s financial transactions and position. However, accounting is not a perfect science yet. Let us take a look at some limitations of accounting.
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