A Quote by Warren Buffett
You have to understand accounting and you have to understand the nuances of accounting. It's the language of business and it's an imperfect language, but unless you are willing to put in the effort to learn accounting - how to read and interpret financial statements - you really shouldn't select stocks yourself
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Don't ever let your business get ahead of the financial side of your business. Accounting, accounting, accounting. Know your numbers.
I have some classes in accounting, but I don't know anything about accounting. I - you know, when my accountant tells me all the things he does, it's a foreign language to me.
Accounting is the language of business.
My father told me when I went to college that I needed to take an accounting class. I enrolled and went the first day. I didn't understand a thing that was being said and dropped the class. I really regret that decision. I should have stuck it out and learned the basics of accounting, but I took the easy way out.
Probably the best advice I ever got in my life was from the head of the accounting department, Mr. Hutchinson, I believe at the Glidden Company in Chicago, and he told me, 'You really aren't cut out for accounting.'
I studied finance and accounting in college, and I worked at a massive accounting firm out of graduation.
Aggressive accounting does not mean illegal accounting.
Proper accounting is like engineering. You need a margin of safety. Thank God we don't design bridges and airplanes the way we do accounting.
Managers and investors alike must understand that accounting numbers are the beginning, not the end, of business valuation.
I would argue that a majority of the horrors we face would not have happened if the accounting profession developed and enforced better accounting.
What you get out of an M.B.A. programme, no matter how much experience, is functional tools and understanding in disciplines: you'll understand economics, you'll understand marketing, finance, accounting. That, M.B.A. programmes do very well.
Accounting does not make corporate earnings or balance sheets more volatile. Accounting just increases the transparency of volatility in earnings.
Creative accounting is an absolute curse to a civilization. One could argue that double-entry bookkeeping was one of history's great advances. Using accounting for fraud and folly is a disgrace. In a democracy, it often takes a scandal to trigger reform. Enron was the most obvious example of a business culture gone wrong in a long, long time.
The American business man cannot consider his work done when he views the income balance in black at the end of an accounting period. It is necessary for him to trace the social incidence of the figures that appear in his statement and prove to the general public that his management has not only been profitable in the accounting sense but salutary in terms of popular benefits.
The U.S. government uses cash accounting. That is illegal for any enterprise of any size in America except for the U.S. government. Every for-profit business, every not-for-profit business, every state and local government has to use real accounting except for Uncle Sam.
In the end, alchemy, whether it is metallurgical or financial, fails. A base business can not be transformed into a golden business by tricks of accounting or capital structure. The man claiming to be a financial alchemist may become rich. But gullible investors rather than business achievements will usually be the source of his wealth.
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