Quotes & Sayings About Accounting Subject

RICH, adj. Holding in trust and subject to an accounting the property of the indolent, the incompetent, the unthrifty, the envious and the luckless. — Ambrose Bierce

Accounting is a big subject and there are huge forces in play. The entire momentum of existing thinking and existing custom is in a direction that allows terrible follies to happen, and the terrible follies have terrible consequences. — Charlie Munger

Accounting is possibly the most confusing, boring subject in the world, but if you want to be rich long-term, it could be the most important subject. — Robert T. Kiyosaki

that is subject to accelerated revenue recognition as a result of aggressive management estimates is one that has "multiple deliverables." In this type of arrangement, the seller provides several distinct, but intermingled deliverables over an extended period of time. For example, wireless telecom companies often package mobile phone service and a cell phone handset together in the same contract. Sometimes the handset is sold to the customer at a greatly discounted price (or even given away for free), as long as the customer also agrees to a two-year service contract. Accounting rules require the seller to allocate a portion of the total contract value to the handset (to be recognized as revenue up front) and a portion to the service contract (to be recognized over the life of the contract). The seller uses assumptions in estimating how to split the revenue between the two deliverables. By changing these assumptions or — Howard M. Schilit

Only 5 percent of entrepreneurship is the big idea, the business model, the whiteboard strategizing, and the splitting up of the spoils. The other 95 percent is the gritty work that is measured by innovation accounting: product prioritization decisions, deciding which customers to target or listen to, and having the courage to subject a grand vision to constant testing and feedback. — Eric Ries