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what are the limitations of accounting

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what are the limitations of accounting

Posted by Raj Kamal 8 years, 7 months ago

CBSE > Class 11 > Accountancy

1 answers

Govind Jha 8 years, 7 months ago

Limitations of Accounting

The items expressed in monetary terms are recorded in the accountings where as the items which are non-monetary nature not recorded.
Sometimes accounting data are recorded on the basis of estimates and which could be inaccurate.
fixed assets are recorded as the original cost.
Value of money does not remain stable so accounting value does not show true financial results.
Accounting can be manipulated and biased.

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