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November 13, 2011


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.


@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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