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                                    113. Define Accounting. Explain any two limitations of Accounting. | 
                            
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Answer»  Accounting. EXPLAIN any two limitations of Accounting.Limitations of accounting are as follows: Accounting information ignores the qualitative elements: As accounting STATEMENTS are confined to monetary VALUES only, qualitative elements are ignored. Accounting information ignores the effect of price level CHANGES: Accounting statements are prepared at historical cost.Khadijah21  | 
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