Accounting Lesson for Beginnersgreenspun.com : LUSENET : Unk's Troll-free Private Saloon : One Thread
There can be disputes between accountants, as to what rule(s) to follow in particular situations. This can get very complex. Beginners, don't worry if you don't understand what these people are talking about.
But at a higher level: If any of these rules are carried to such an extreme as to materially misrepresent the condition of a company (such as to turn a money-loser into an apparently profitable company) then that's fraud.
At that point, the discussions between accountants at the lower level become not the issue.
When W says, about the business he was involved in in 1989, that "accountants differ", his remarks only refer to the lower level.
-- Peter Errington (firstname.lastname@example.org), July 10, 2002
You betcha, thash wut I keeps tryun ta tell evrybuddy!
Sometimes things aren't exactly black and white when it comes to accounting procedures!
-- Dumbya (sounds good @ to me. heh-heh), July 10, 2002.