Interested to Buy Any Domain ? << Click Here >> for more details...
WHAT ARE LIMITATIONS OF ACCOUNTS ?
- 4 Answers
- 10247 Views
- I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / maddi vinod
Accounting is based on historical cost / values.
The real values such as Brands (Self-developed), human
assets, Reputation, hold on the market , credit of
Organisations etc can not be accounted.
Financials only shows the cost at which assets are bought/
constructed/ acquired net off depreciation even thought
there are possibilities of appreciation of assets due to
inflationery effects.
Theses are the few limitations.
| Is This Answer Correct ? | 14 Yes | 3 No |
Answer / aurosnigdha bose
There r certain limitations of accounts-
1.It is based on historical cost.
2.It isn't free from personal bias.
3.it can't say the current financial position of a company.
| Is This Answer Correct ? | 13 Yes | 2 No |
Answer / dharmesh sati
It is baded on historical (like investment, fixed assert)
We can not know current finance position of a company
only economical mean (which can measure via money) tras.
should be recored.
| Is This Answer Correct ? | 6 Yes | 0 No |
Answer / binny dhillon
1,records the monetary transactions only
2.only material items are dislosed in financial statemnts
3.fails to give the timely information to the owners and management as the summarised fiancial information is presented only at the end of the year.
4.accounting logs can be manipulated by the owners and management
| Is This Answer Correct ? | 5 Yes | 0 No |
Expand A D T A
What is the difference between a Proprietor firm, a Partnership firm & a limited company
what are the certificates needed at the time of SBI clerical interview?
0 Answers ICICI, State Bank Of India SBI,
Is Depreciation a source of fund
what is the difference between Purchase order and invoice
What are the accounting conventions and Practices?
goodwill value of two and half time of the average of three yare profit of firm total threeyare (1237500)
Should I have perfect credit score, that is, above 800 credit score?
Two months rent of Rs 25000/- was adjusted in Rental advance account at the time vacating office
Short Answer on ______Bad Debts
difference between accounting and financial accounting if it is same or not if not what is the difference ?
definition of "call in arrears"
Audit 
