We’ve been fooled. Bamboozled. What has fooled you, me, and practically every business person on the planet? Accounting information. It is pervasive and practically everyone uses it. Kids with neighborhood lemonade stands calculate how much money they believe each cup of lemonade will make. Executives at major global companies look at accounting information as they try to “make more money” by increasing profits. Hospital executives try to reduce the length and, therefore, the cost of a patient’s stay in the hospital to improve profitability. Those who offer capital and debt services look at accounting information to determine whether, and to what extent, the companies they are looking at funding are making money. ...
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