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Accounting records business transactions and events …

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Accounting records business transactions and events which are of financial nature.do you consider limitation of accounting?

Posted by Jyoti Mahour 4 years, 2 months ago

CBSE > Class 11 > Accountancy

1 answers

Meghna Thapar 4 years, 2 months ago

Accounting records business transactions and events which are of financial nature. Do you consider it a limitation of accounting? Answer: Yes, it is a limitation of accounting because there are events that have a vital bearing on the profitability of the firm and such events are ignored. 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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