Question

Name the limitations of financial Accounting​

Answer 1

Answer:

The following are all limitations of financial statements: Dependence on historical costs. Transactions are initially recorded at their cost. This is a concern when reviewing the balance sheet, where the values of assets and liabilities may change over time.

Answer 2

• The following are all limitations of financial statements: Dependence on historical costs. Transactions are initially recorded at their cost. This is a concern when reviewing the balance sheet, where the values of assets and liabilities may change over time.