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Accounting provides information about the profitably and financial soundness of aa concern. In addition, it provides various other valuable information also. However, accounting has certain limitations? Explain the limitations which …

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Accounting provides information about the profitably and financial soundness of aa concern. In addition, it provides various other valuable information also. However, accounting has certain limitations? Explain the limitations which is concerned with the manipulation of accounts

Posted by Anmol Aggarwal 9 years, 3 months ago

CBSE > Class 11 > Accountancy

1 answers

Naveen Shukla 8 years, 8 months ago

Accounting suffers from the following limitations

Transactions of non-monetary nature do not find a place in accounting.
Price changes are not considered. Money value is bound to change often from time to time.
Financial accounting does not set up a proper system of controlling materials and supplies.

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