1.

Mention any THREE Limitations of Financial Statements.

Answer»

Financial Statements are the End Products of Accounting Process. They provide information about the Profitability and the Financial Position of a Business. Yet there are few Limitations of such type of Statements as such . 

These Limitations are : 

  • Manipulation and Window Dressing . 
  • Use of Diverse Procedures . 
  • Qualitative Aspect Ignored .


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