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November 13, 2011

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Daniel Morris

We should remember accounting is not a theory or a science but an economic language subject to political and social pressures. GAAP is an equation and in the real world Debits rarely equal Credits yet GAAP forces them to balance.

vswami

@Daniel Morris> very succinctly exposes 'the truth nothing but truth', the whole of,what the so-called 'accounting standards', by whatever name given,so laboriously formulated and brought into effect from time to time, by the setters. The point to ponder is, - what really is the end result sought to be accomplished, or has been in the past?

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