Dr. Reginald Tomas Lee begins this book by stating, “We’ve been fooled. Bamboozled.” I have a solemn confession: I was certainly bamboozled. I became a Certified Public Accountant, believing it would allow me to do anything I wanted in the world of commerce since everyone kept telling me it was the language of business. I was taught the importance of proper cost accounting in operating a successful enterprise, from determining a proper price to accurately calculating profit per unit. It was a cohesive body of knowledge, a tangible reality I could grasp, and a prism in which the world of enterprise I so admired could be refracted so as to make sense to a naïve practitioner who believed he knew more than he did.

One of the problems with ...

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