Download App

Introduction to Accounting — Account STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceAccountIntroduction to Accounting1 Mark
Question
What are the limitations of Accounting? (Any Two)
✓

Answer

The limitations of Accounting are:
  1. Non-financial informations are not recorded.
  2. It ignores price level changes.

Need a full question paper?

Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.

Start Generating Free

Explore more

More "1 Marks Question" from Introduction to Accounting→Introduction to Accounting — all question types→Account STD 11 Commerce question papers→CBSE Board STD 11 Commerce question papers→CBSE Board question paper generator→

Similar questions

Recording of financial transactions and preparing the financial statements are the only objectives of accounting. Do You agree?
→
X Ltd. purchased a plant for ₹ 7,80,000 and spent ₹ 60,000 on its installation. Its scrap value is ₹ 42,000 and useful life 10 years. What will be the rate of depreciation as per straight line method?
→
Define the bill of exchange.
→
A liability is met by issuing a cheque. Which account will you credit and why?
→
What is a Real Account?
→
Bank column of cash book showed bank balance of Rs.8750. While reconciling the bank balance it was noticed that bank column of cash book was undercast by Rs.90, bank draft charges of Rs.50 and Telephone charges of Rs.550 paid by the bank directly as per standing instruction were not accounted for in the Cash book. Find the adjusted balance of cash as per cash book.
  1. 9000
  2. 8240
  3. 8600
  4. 8890
→
On 13th June, 2019 A draws a bill on B for ₹ 50,000 payable after 60 days. What will be the due date of the bill?
→
What is an Asset Account?
→
Give transaction that:
Decrease an asset and decrease capital.
→
What do you understand by Cash Basis of Accounting?
→