Limitations Of Financial Statements:

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  1. It shows only historical cost.
  2. It does not take into account the price level changes.
  3. It considers only monetary aspects but does not consider some vital non-monetary factors.
  4. It is based on convention and judgement. Hence there is no accuracy.
  5. Comparison of Financial Statements depends upon the uniformity of Accounting policies.
  6. It is subject to window dressing.
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