Explain uses and limitations of accounting?
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It helps the managers in the decision making process. 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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Some of the advantages of accounting are Maintenance of business records, Preparation of financial statements, Comparison of results, Decision making, Evidence in legal matters, Provides information to related parties. Let us discuss the advantages and disadvantages of accounting in greater detail.
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