Mention any three limitations of Financial Statement
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The following points highlight the five major limitations of financial statements, i.e, (1) Only Interim Reports, (2) Do not Give Exact Position, (3) Historical Costs, (4) Impact of Non-Monetary Factors Ignored, and (5) No precision.
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Limitations of financial statements
Financial Statements Are Derived from Historical Costs. ...
Financial Statements Are Not Adjusted for Inflation. ...
Financial Statements Do Not Contain Some Intangible Assets. ...
Financial Statements Only Cover a Specific Period of Time. ...
Financial Statements May Not Be Comparable. ...
Financial Statements Could be Wrong Due to Fraud.
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