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Limitations to measurement

In: A Guide to Business Performance Measurements

Author

Listed:
  • Edwin Whiting

Abstract

People tend to think that accountancy is much more precise than it actually is. Only pure cash flow is free from estimating, projecting, valuing, assuming and forecasting. The normal profit and loss account is far from precise. The profit shown at the bottom line could be very different on equally valid assumptions, estimates and valuations. But the assumptions, once adopted, have a terrible tendency to be taken as reality and people using the accounts forget their doubtful foundations.

Suggested Citation

  • Edwin Whiting, 1986. "Limitations to measurement," Palgrave Macmillan Books, in: A Guide to Business Performance Measurements, chapter 25, pages 300-306, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-07472-3_25
    DOI: 10.1007/978-1-349-07472-3_25
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