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