what is the limitation of accounting in mcq
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which of the following most closely defines Amortization
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The limitation of accounting is :
- It never shows the market value of assets.
- It gives unrealistic information.
- It ignores the qualitative elements.
- It ignores effect of price level changes.
- Depends upon personal judgments.
- It gives historical facts not current worth.
- It is based upon estimations.
- It is not fully exact.
- It only measures the monetary value and ignores those which do not have monetary value.
- Some accounting can be manipulated.
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