what is the limitation of accinting ?
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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.
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- Recording only monetary items.
- Time value of money.
- Recommendation of alternative methods.
- Restrain of accounting principles.
- Recording of past events.
- Allocation of the problem.
- Maintaining secrecy.
- The tendency for secret reserves.
- Importance of form over substance.
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