It ignore non monetary transaction. Our revision notes for, CBSE NCERT books for Class 11 Accountancy. Our, aid students to have a quick go-through of the various concepts and variables, which comprise accountancy. offered by Vedantu is a step-by-step coverage of all the topics. Many stakeholders depend on them for vital information about the company. Sorry!, This page is not available for now to bookmark. Let us take a look at some limitations of accounting. (ii) Accounting information is sometimes based on estimates which may be unrealistic. Accounts Class 11 Chapter 1 – Limitations of Accounting. Download the NCERT CBSE Revision Notes PDF to have a detailed sense of the chapter for a better understanding. Recording of financial events as per the diktats of accounting takes into consideration only past transactions of a business. provide simple and comprehensible study material as per the syllabus. It is well established that accounting, especially financial accounting is of absolute importance. to have a detailed sense of the chapter for a better understanding. Revision Notes for Class 11 Accountancy offered by Vedantu is a step-by-step coverage of all the topics. Disadvantages (limitations) of accounting :-(i) Accounting records only those transaction which can be measures in the terms of money. (vii) Accounting helps in preparation of financial statement like PG2 A/C balance sheet. Download the NCERT CBSE Revision Notes PDF. However, accounting is not a perfect science yet. Our Accountancy Class 11 Chapter 1 Notes aid students to have a quick go-through of the various concepts and variables, which comprise accountancy. It is not for compiling, recording, and summarising data which reflects the current financial position of a business. Our revision notes for CBSE NCERT books for Class 11 Accountancy provide simple and comprehensible study material as per the syllabus. 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