JAMB Accounting 2021 Objective — Question 35
Question 35 of 40 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2021 Objective paper, with the correct answer and a full explanation.
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35. One of the limitations of accounting is a. It deals with monetary value only b. It determines real costs c. It is tedious profession d. You must have ICAN certification to be successful
- A. It deals with monetary value onlyCorrect
- B. It determines real costs
- C. It is tedious profession
- D. You must have ICAN certification to be successful
Explanation
A major limitation of accounting is that it deals only in monetary value, whereas a business's affairs go beyond just money (e.g. staff morale, goodwill, market reputation).
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