Question

what is accounting? what are its objectives and limitations​

Answer 1

To maintain full and systematic records of business transactions: ADVERTISEMENTS: Accounting is thelanguage of business transactions. Given the limitations of human memory, the main objective ofaccounting is to maintain 'a full and systematic record of all business transactions.

Answer 2

Answer:

accounting is an art, of recording transactions, classifying them into appropriate ledger, summarising them in two trial balance and analysing them to conclude the financial position of the enterprises.

objectives of accounting :

• systematic records of financial transactions.
• valuation of the financial position of the enterprise.

provide information to the user like government, investors and management etc..

limitations of accounting:

• there is a possibility of manipulation of data.

. accounting Watson historical cost concept

• that means assets are recorded on its purchase price ignoring its market values.
• there are certain accounting policies which leads to followed.

hope it will help you