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