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WHAT ARE LIMITATIONS OF ACCOUNTS ?
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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 |
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