state any three limitation of accounting
Answers
Answer:
Qualitative aspects like, quality, size, colour, etc. are not revealed by accounting records
Window dressing (manipulation and misrepresentation) is possible in preparation and presentation of accounts
Market value of assets are ignored
Effects of inflation (price change) are ignored in the accounting records
Some items like, anticipated losses and profits are based on estimation and past experiences
Explanation:
Qualitative aspects like, quality, size, colour, etc. are not revealed by accounting records
Window dressing (manipulation and misrepresentation) is possible in preparation and presentation of accounts
Market value of assets are ignored
Effects of inflation (price change) are ignored in the accounting records
Some items like, anticipated losses and profits are based on estimation and past experiences
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