Are financial statements reliable and trustworthy

Yes, the vast majority of audited financial statements are presented fairly according to established standards, which are called generally accepted accounting principles. If not, the CPA auditor calls deviations or shortcomings to your attention. So, be sure to read the auditor's report. You should realize, however, that financial accounting standards are not static. Over time these profit measurement methods and disclosure practices change and evolve.

Accounting's rule-making authorities constantly monitor financial reporting practices and problem areas. They make changes when needed, especially to keep abreast of changes in business and financial practices, as well as developments in the broader political, legal, and economic world that business operates in. (See Chapter 19 for review.)

Thinking Big and Getting Rich

Thinking Big and Getting Rich

From rags to riches – it happens more often than you might think. In fact, it could be you! Are you content with life as it is or do you find yourself dreaming your way to riches? If you answered yes, then you are definitely on the right track because without your imagination – without dreaming – you are not going to get there.

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