Accounting records business transactions and events which are of financial nature. Do you consider it a limitation of accounting? Also explain other limitations of Accounting.

Dear Student,
​​​​​​One of the limitations of accounting is that it records only those transactions which are of financial nature. Any event/ thing/transaction that does not have any monetary value , cannot be recorded in the books of accounts. Foreg: retirement of an experienced and loyal manager adversely effects a business.  However, this cannot be recorded in the books of accounts. 
​​​​​​Other Imitations of Accounting are as follows:

• Window dressing (manipulation and misrepresentation) is possible in preparation and presentation of accounts
• Market value of assets are ignored
• Effects of inflation (price change) are ignored in the accounting records
• Some items like, anticipated losses and profits are based on estimation and past experiences