Limitations of Financial Statements Homework Help
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Financial statement is referred to a formal written record that includes all the financial activities of an entity. It helps us to understand some financial aspects of business firms. Investors, creditors and the management use these financial statements to determine the profitability and financial position of a firm. Financial statements are also known as financial reports. Along with numerous advantages, financial statement has many limitations.There are four main types of financial statements- statement of changes in equity, balance sheet, cash flow statement and income statement. Limitations of Financial Statements Homework Help provide a depth idea about financial statement and its various limitations.
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Limitations of Financial Statements
The limitations of financial statements explained in Limitations of Financial Statements Homework Help are listed below
Qualitative Aspect Ignored- Financial statements are expressed in monetary terms and include only quantitative information. The qualitative information is not expressed in monetary terms. Various information given in Limitations of Financial Statements Homework Help such as efficiency of workers, employee and employer relationship, customer satisfaction, competitive strength, loyalty of customers, goodwill of the company, etc are not included in the financial statements. This information is necessary to understand the actual position of the company.
Historical Costs- The preparation of financial statements is based on historical costs or original costs. One of its limitations is that it is not prepared according to the present economic conditions. The information and facts based on past events does not serve any useful purpose as there is continuous change in the demand of the product.
Uses of Diverse Procedures- There are different accounting methods to prepare financial statements. Different companies adopt different accounting methods to analyze their financial statements. For an instance, depreciation can be charged by both straight line method and written down value method. Hence, the comparison of the financial statements of two companies would be misleading and inaccurate.
Subjectivity and Personal Bias- The conclusion drawn from the financial statements differs from analyst to analyst. It depends on the analyst’s personal ability and knowledge. For more details, student can refer Limitations of Financial Statements Homework Help.
Balance Sheet is not a Valuation Statement- The balance sheet does not reflect the actual or real financial position of a company. We know real value is different from the book value. But, the assets and liabilities are recorded at their book value. Hence, it fails to show a clear picture about the company’s position.
Price Level Changes- The effects of changes in the price level cannot be known by the figures in the financial statement. The price index of one year differs from the other. Hence, it is one of the drawbacks of financial statements.
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