Question

What are the limitations of accounting standards?

Answer 1

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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.

Answer 2

Answer:

The notable limitations of accounting standards are their inflexibility, time-consuming process to create them, the difficulty of choosing between alternative treatments and their restricted scope.

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