Limitations from which financial accounting suffers may be summarized as follow: 1. Historical And Monetary Nature. Emphasis of financial accounting is on recording transactions revenues only after they have occurred, then summarizing and reporting this information at the end of accounting year in the form
limitation of quality cost information. Quality cost information helps managers see the financial significance of defects. There are three limitations of quality cost information or report.
Definition and Explanation of Single Entry System: Learning Objectives: Define and explain single entry system of bookkeeping. What are limitations of single entry system of accounting It is difficult to define single entry system because, in fact, there exists no system like single entry