Question

which of the following is a limitation of accounting
(a) assistance to management (b) replaces memory
(c) unrealistic information
(d) evidence in Court​

Answer 1

Answer:

option a and

option d

are limitation of accounting

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Answer 2

Answer: Option c) unrealistic information.

Explanation:

• Accounts are prepared according to concepts and conventions.
• The concepts and conceptions may not always be realistic basis.
• Thus accounts may be based on unrealistic information.
• Income based on convention, or the asset value according to concept may not be the real value.

Limitations of accounting:

1. Accounting is not fully exact.
2. Accounting does not indicate the reliable value.
3. It ignores quantitative elements.
4. Unrealistic information.
5. It may lead to window dressing.

Thus, unrealistic information is a limitation of accounting.

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