Identify the limitations of financial statements :A. Can be biasedB. Report on stewardship functionC. Aggregate informationD. Only interim reportsE. Basis of fiscal policiesChoose the correct answer from the options given below:

The limitations of financial statements include:They can be biased (A) due to accounting policies chosen.They provide aggregate information (C) which may hide individual details.They are essentially interim reports (D) because actual profit/loss is known only on liquidation.Thus, A, C, D are limitations.