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• Accounting statements do not show the impact of inflation.
• The accounting statements do not reflect those increase in net asset values that are not considered realized
• Accounting is historical I nature and does not reflect the current financial position or worth of a business.
• Accounting does not consider the change in prices.
• Accounting principles are not static.
• Facts recorded in financial statements are greatly influenced by accounting conventions and personal judgments of the accountant or management.
• Transactions of non monetary nature do not find place in accounting.
skilled writter answered the question on May 9, 2018 at 06:32
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