There is nothing wrong with good accounting, except that it does not necessarily lead to good science.
Sentiment: NEGATIVE
The Glassco Commission was really not interested in good science. It was interested in good accounting.
Most accountants are strange - let's be honest.
We have the most crude accounting tools. It's tragic because our accounts and our national arithmetic doesn't tell us the things that we need to know.
Accounting does not make corporate earnings or balance sheets more volatile. Accounting just increases the transparency of volatility in earnings.
I suppose that the scope and implications of such forces have rendered my personal accounting ritual pretty much obsolete. That's how things sometimes go.
Don't ever let your business get ahead of the financial side of your business. Accounting, accounting, accounting. Know your numbers.
And finally, no matter how good the science gets, there are problems that inevitably depend on judgement, on art, on a feel for financial markets.
If an alien with an accounting degree touched down in America, it might conclude that we're a weird cult that spends 11 months living frugally and four crazy weeks buying tons of stuff we don't need. It wouldn't be entirely wrong, either.
What's good for the financial industry probably isn't good for you.
Science is not inherently good.
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