4. What is Accounting ? Describe its advantages and limitations.

1.	4. What is Accounting ? Describe its advantages and limitations.
Answer» Answer: ACCOUNTING: Accounting or accountancy is the measurement, processing, and communication of financial and NON financial information about economic entities such as businesses and corporations. Disadvantages of Accounting : Expresses Accounting information in terms of money. Accounting information is BASED on estimates. Accounting information may be biased. Recording of Fixed assets at the original cost. Manipulation of ACCOUNTS. . one more information° disadvantage and limitations ...are same in meaning.. Limitation and DRAWBACK means same. limitation is the limit of giving a proper explanation of a fact which is widely accepted. Drawback is the negative fact which can be proved rubbish by providing another facts.

Answer»

Answer:

Accounting or accountancy is the measurement, processing, and communication of financial and NON financial information about economic entities such as businesses and corporations.

Disadvantages of Accounting :

Expresses Accounting information in terms of money.

Accounting information is BASED on estimates.

Accounting information may be biased.

Recording of Fixed assets at the original cost.

Manipulation of ACCOUNTS.

one more information°

disadvantage and limitations ...are same in meaning..

Limitation and DRAWBACK means same. limitation is the limit of giving a proper explanation of a fact which is widely accepted. Drawback is the negative fact which can be proved rubbish by providing another facts.

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