Question

limitations of accounting?​

Answer 1

Answer:

Limitations of accounting are as follows: ... Accounting information ignores the qualitative elements: As accounting statements are confined to monetary values only, qualitative elements are ignored. Accounting information ignores the effect of price level changes: Accounting statements are prepared at historical cost.

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Answer 2

9 LIMITATIONS OF ACCOUNTING ARE :-

1) Recording only monetary items.

2) Time value of money.

3) Recommendation of alternative methods.

4) Restrain of accounting principles.

5) Recording of past events.

6)Allocation of the problem.

7) Maintaining secrecy.

8) The tendency for secret reserves.

9) Importance of form over substance.

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