Financial Statement Quotes

When you are in the final days of your life, what will you want? Will you hug that college degree in the walnut frame? Will you ask to be carried to the garage so you can sit in your car? Will you find comfort in rereading your financial statement? Of course not. What will matter then will be people. If relationships will matter most then, shouldn't they matter most now?

The financial statements are just a starting point. By asking the right questions and actively engaging with the data, board members can gain a deeper understanding of the company's financial health and position themselves to make sound decisions that will ensure the company's long-term success.

Investors, creditors, and regulatory bodies rely on financial statements to make informed decisions. When internal metrics align with recognized standards, it enhances the credibility of your financial reports, fostering trust among these stakeholders.

I've always resented the smug statements of politicians, media commentators, corporate executives who talked of how, in America, if you worked hard you would become rich. The meaning of that was if you were poor it was because you hadn't worked hard enough. I knew this was a lie, about my father and millions of others, men and women who worked harder than anyone, harder than financiers and politicians, harder than anybody if you accept that when you work at an unpleasant job that makes it very hard work indeed.

Let us return to pathemata mathemata (learning through pain) and consider its reverse: learning through thrills and pleasure. People have two brains, one when there is skin in the game, one when there is none. Skin in the game can make boring things less boring. When you have skin in the game, dull things like checking the safety of the aircraft because you may be forced to be a passenger in it cease to be boring. If you are an investor in a company, doing ultra-boring things like reading the footnotes of a financial statement (where the real information is to be found) becomes, well, almost not boring.

By focusing on a few key financial metrics, board members can transform these statements from a labyrinth into a compass, guiding them through the company's financial landscape.

A deep understanding of financial statements, accounting principles, and financial markets is crucial for overseeing the company's financial performance and making sound investment decisions.

Connor pockets his cell. “Lily,” he says. “If I wanted to date for a last name, I’d have a girl on my arm every single day. I would never be single.” He leans forward. “I promise you, that my intentions are pure. And I think it’s sweet you’re looking out for Rose, but she’s more than capable of taking care of herself, which is one of the many reasons why I want to pursue her.” “What’s another reason?” I test him. He smiles. “I won’t have to taxingly explain to her menu items in a real French restaurant.” He knows she’s fluent? “I won’t have to explain financial statements or dividends. I’ll be able to discuss anything and everything in the world, and she’ll have an answer.

If we were not impressed by job titles, suits, and jargon, we would demand that financial advisors show us their personal bank statements before they tell us what we could or should do with our own money.

Even the financial disclosure statements that political bloggers were required to post hadn't stemmed the suspicion that people's opinions weren't really their own. "Who's paying you?" was a retort that might follow any bout of enthusiasm, along with laughter - who would let themselves be bought?

We are scaling down” is a painful statement to make to friends or family.

Remember, the financial statements are just a starting point. By asking the right questions and actively engaging with the data, board members can gain a deeper understanding of the company's financial health and position themselves to make sound decisions that will ensure the company's long-term success.

Say you have a dog, but you need to create a duck on the financial statements. Fortunately, there are specific accounting rules for what constitutes a duck: yellow feet, white covering, orange beak. So you take the dog and paint its feet yellow and its fur white and you paste an orange plastic beak on its nose, and then you say to your accountants, ‘This is a duck! Don’t you agree that it’s a duck?’ And the accountants say, ‘Yes, according to the rules, this is a duck.’ Everybody knows that it’s a dog, not a duck, but that doesn’t matter, because you’ve met the rules for calling it a duck.

Honest accounting is a really important part of corporate responsibility. Let's just be honest and transparent with the numbers. No inflating, no exaggerating, no reconfiguring... Just pure numbers that tell the honest truth about the companies financial reality.

Creating a complete picture of a company financial health, by looking at periodic financial statements, is like turning a hamburger into a cow

When I opened the last [401k] statement, I jumped out of the window. True, it was the kitchen window and I only fell two feet, so the whole scene lacked drama, but I thought that was the required reaction to extreme financial turmoil in America. And I am nothing if not patriotic.

The worst way to release bad news is to bury it in the financial statement footnotes, in the hope that no one will see it. A diligent investor or analyst always reads the footnotes, and will not appreciate having to dig so deep to uncover potentially critical information.

I’ve always resented the smug statements of politicians, media commentators, corporate executives who talked of how, in America, if you worked hard you would become rich. The meaning of that was if you were poor it was because you hadn’t worked hard enough. I knew this was a lie, about my father and millions of others, men and women who worked harder than anyone, harder than financiers and politicians, harder than anybody if you accept that when you work at an unpleasant job that makes it very hard work indeed.

If you don’t have regular and accurate financial statements, you’re driving your business 100 miles an hour down a one-way street the wrong way, at night, in the fog, without lights.

Even now, I am working to make sure that my family is set up for the future. When most people make that statement, they are talking about financial security for their last few years on earth. When I say it, I’m referring to the millions of years that come after that. People

A 10% loss in any investment can be recovered, not by 10%, but only by 11% gain. A 50% loss in any investment can be recovered only by 100% gain. And a 90% loss in any investment can be recovered only by a whopping 1,000% gain. Yes, all the above statements are true. Numbers can confuse the best of financial wizards. It needs a rare trait of common sense to unravel the mysteries of finance. For your investments: - Keep them Simple. - Avoid Jargons. - Exhibit Discipline. - Be Consistent. - Apply Common Sense

1. Accounting Entity The accounting entity is the business unit (regardless of the legal business form) for which the financial statements are being prepared. The accounting entity principle states that there is a “business entity” separate from its owners … a fictional “person” called a company for which the books are written.

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. - Warren Buffett

First, he evaluates a business on its long-term rather than its short-term prospects. Second, he always looks for businesses he understands. (This led him to avoid many Internet-related investments.) And third, when he examines financial statements, he places the greatest emphasis on a measure of cash flow that he calls owner earnings.

Progress is not one of those floating comparatives, so beloved of our friends in advertising, we need a context, a perspective. What are we better than? Who are we better than? Examine this statement: Most people are better off. Financially? socially? educationally? medically? spiritually? I dare not ask if you are happy? Are you happy?

ROA: is the company taking the best advantage of assets?   ROA is calculated by dividing the net profit by total assets. For

even if it’s boring and dull and soon to be forgotten, continue to learn double-entry bookkeeping. People think I’m joking, but I’m not. You should love the mathematics of business.

The company’s working capital is the amount of money left over after you subtract current liabilities from current assets. Current Assets  –  Current Liabilities  =  Working Capital

Someone driving a $100,000 car might be wealthy. But the only data point you have about their wealth is that they have $100,000 less than they did before they bought the car (or $100,000 more in debt). That’s all you know about them. We tend to judge wealth by what we see, because that’s the information we have in front of us. We can’t see people’s bank accounts or brokerage statements. So we rely on outward appearances to gauge financial success. Cars. Homes. Instagram photos. Modern capitalism makes helping people fake it until they make it a cherished industry.

Book Value Book value represents the value at which assets are carried on the “books” of the company. The book value of a company is defined as its total assets less its current liabilities and less any long-term debt.

If during the review of a corporation’s books, the accountant has reason to believe that the company may go bankrupt, he must issue a “qualified opinion” stating the potential of the company’s demise. More on this concept later.

After that, Lily was recuperating and then dealing with significant financial hardships. The birth was described to me by Lily and also by her obstetrician, who I spoke to myself yesterday. The doctor, in his own words, remembers what he describes as that ‘hideous day’ like it was yesterday. The labour, intense and excruciating, lasted for days. In the end, in extreme distress at the length of the labour, the baby nearly died. Lily did die. She was flatline for two minutes and thirty-eight –” Alistair didn’t get the opportunity to finish his grand statement because Nate surged out of his chair so fast, it flew on its wheels and shot across the room, slamming into the wall. “Mr. McAllister…” Alistair said warningly but Nate was coming swiftly around the table, coming at her. At this sight, Lily, too, jumped out of her chair in a panic, her numbness not that complete, and backed away in self-defence as Nate came at her, came at her with purposeful, long strides. She backed up jerkily, one hand behind her, one hand in front, retreating until she hit the wall. Before she knew what he was about, his hard chest came up against her hand, pushing it back and his body pressed against hers. Terrified and confused at this sudden change, she looked to the right and to the left, anywhere for escape, anywhere but at Nate. And to her shock, his hands caught her face, resting one on either side, gently trying to force her to look into his impossibly dark eyes. “I didn’t know,” he whispered and the absolute ache dripping from his first words said to her since she found out he was alive cut through her thin shield of numbness like a razor. She attempted to pull her face free but his hands tightened. “Lily, I didn’t know,” he repeated, and she caught his eyes and they were glittering dark with something that she couldn’t read, something hideously painful and she had to get away from it. Was desperate to get away from it. She needed to flee. She tried to look over his shoulder but he was too tall, too close. Things were happening in the room, there was urgent talk, maybe even a tussle. But all she could see was Nate.

Liquidation Value The liquidation value is what the company’s assets would bring at a forced sale. Normally the liquidation value of a going concern has little relevance since the value of an operating business is much greater than its liquidation value.

SHAREHOLDERS’ EQUITY has two components: CAPITAL STOCK: The original amount of money the owners contributed as their investment in the stock of the company. RETAINED EARNINGS: All the earnings of the company that have been retained, that is, not paid out as dividends to owners.

Read the notes.Never buy a stock without reading the footnotes to the financial statements in the annual report. Usually labeled “summary of significant accounting policies,” one key note describes how the company recognizes revenue, records inventories, treats installment or contract sales, expenses its marketing costs, and accounts for the other major aspects of its business.7 In the other footnotes, watch for disclosures about debt, stock options, loans to customers, reserves against losses, and other “risk factors” that can take a big chomp out of earnings

Throw in the valley’s rich history of computer science breakthroughs, and you’ve set the stage for the geeky-hippie hybrid ideology that has long defined Silicon Valley. Central to that ideology is a wide-eyed techno-optimism, a belief that every person and company can truly change the world through innovative thinking. Copying ideas or product features is frowned upon as a betrayal of the zeitgeist and an act that is beneath the moral code of a true entrepreneur. It’s all about “pure” innovation, creating a totally original product that generates what Steve Jobs called a “dent in the universe.” Startups that grow up in this kind of environment tend to be mission-driven. They start with a novel idea or idealistic goal, and they build a company around that. Company mission statements are clean and lofty, detached from earthly concerns or financial motivations.

Taking wildly different positions on the value of assets and using his emotional state to justify those valuations helps explain something else Trump has done repeatedly. Congress requires all presidential candidates to file a financial disclosure statement listing their assets, liabilities, and income. Trump’s ninety-two-page disclosure report valued one of his best-known properties at more than $50 million. But he told tax authorities the same property was worth only about $1 million. He valued another signature Trump property at zero—and demanded the return of the property taxes he had already paid.

This shift in culture has changed us. In the first place, it has made us a bit more materialistic. College students now say they put more value on money and career success. Every year, researchers from UCLA survey a nationwide sample of college freshmen to gauge their values and what they want out of life. In 1966, 80 percent of freshmen said that they were strongly motivated to develop a meaningful philosophy of life. Today, less than half of them say that. In 1966, 42 percent said that becoming rich was an important life goal. By 1990, 74 percent agreed with that statement. Financial security, once seen as a middling value, is now tied as students’ top goal. In 1966, in other words, students felt it was important to at least present themselves as philosophical and meaning-driven people. By 1990, they no longer felt the need to present themselves that way. They felt it perfectly acceptable to say they were primarily interested in money.20 We live in a more individualistic society. If

Discounted Cash Flow The discounted cash flow method of valuation is the most sophisticated (and the most difficult) method to use in valuing the business. With this method you must estimate all the cash influxes to investors over time (dividends and ultimate stock sales) and then compute a “net present value” using an assumed discount rate (implied interest rate).

While you were in school, you got a report card once a quarter. A financial statement is your report card once you leave school. The problem is that since most people have not been trained to read financial statements or trained in how to keep a personal financial statement, they have no idea how they are doing once they leave school. Many people have failing marks on their personal financial statements but think they are doing well because they have a high-paying job and a nice home. Unfortunately, if I were handing out the grades, anyone who was not financially independent by age 45 would receive a failing grade. It is not that I want to be cruel. I just want people to wake up and maybe do a few things differently, before they run out of their most important asset—time.

George Muller, that remarkable man of such simple yet strong faith in God, a man of prayer and Bible reading, founder and promoter of the noted orphanage in England, which cared for hundreds of orphan children, conducted the institution solely by faith and prayer. He never asked a man for anything, but simply trusted in the Providence of God, and it is a notorious fact that never did the inmates of the home lack any good thing. From his paper he always excluded money matters, and financial difficulties found no place in it. Nor would he mention the sums which had been given him, nor the names of those who made contributions. He never spoke of his wants to others nor asked a donation. The story of his life and the history of this orphanage read like a chapter from the Scriptures. The secret of his success was found in this simple statement made by him: “I went to my God and prayed diligently, and received what I needed.” That was the simple course which he pursued. There was nothing he insisted on with greater earnestness than that, be the expenses what they might be, let them increase ever so suddenly, he must not beg for anything. There was nothing in which he took more delight and showed more earnestness in telling than that he had prayed for every want which ever came to him in his great work. His was a work of continuous and most importunate praying, and he always confidently claimed that God had guided him throughout it all. A stronger proof of a divine providence, and of the power of simple faith and of answered prayer, cannot be found in Church history or religious biography.

Our internal boundaries define and contain the unique personal characteristics of our thoughts, feelings, opinions, behaviors, beliefs, and spirituality. Boundaries help us recognize, honor, and respect our individual wants, needs, and desires. They help us define our separateness and give us safety in our intimate communications with others. If someone verbally attacks us, we maintain our internal boundary and practice self-containment by moderately expressing our thoughts and feelings about their behavior using “I” statements. Or, we may choose not to respond and silently remind ourselves that how another person acts is about that person, not about us. If someone confronts us about our behavior, we use our internal boundary to listen to what they say. We do not internalize what is said before deciding if any of it rings true for us. If we have wronged the other person, we make amends. In either situation our self-worth is not diminished because we have maintained our internal boundaries. 110:2 We use internal boundaries in various ways. An example is deciding how much personal information, such as personal history or financial information, to share with others. Conversely, we refrain from delving into others’ personal business. We might really want to ask a question or say something to someone, yet we do not because we know that person’s private life is none of our business. 111:1 When we have healthy internal boundary systems, we recognize that each individual is responsible for his or her emotional, mental, and spiritual boundaries. We allow ourselves and others to have their own thoughts, feelings, opinions, behaviors, beliefs, and spirituality. With functional boundaries we are able to meet our needs without infringing on others’ abilities to meet their needs. Our internal boundaries can be flexible and we decide what is safe and comfortable for ourselves.

For generations the official U.S. policy had been to support these regimes against any threat from their own citizens, who were branded automatically as Communists. When necessary, U.S. troops had been deployed in Latin America for decades to defend our military allies, many of whom were graduates of the U.S. Military Academy, spoke English, and sent their children to be educated in our country. They were often involved in lucrative trade agreements involving pineapples, bananas, bauxite, copper and iron ore, and other valuable commodities. When I became president, military juntas ruled in Argentina, Bolivia, Brazil, Chile, Ecuador, El Salvador, Guatemala, Haiti, Honduras, Nicaragua, Panama, Paraguay, Peru, and Uruguay. I decided to support peaceful moves toward freedom and democracy throughout the hemisphere. In addition, our government used its influence through public statements and our votes in financial institutions to put special pressure on the regimes that were most abusive to their own people, including Chile, Argentina, Paraguay, Nicaragua, and El Salvador. On visits to the region Rosalynn and I met with religious and other leaders who were seeking political change through peaceful means, and we refused requests from dictators to defend their regimes from armed revolutionaries, most of whom were poor, indigenous Indians or descendants of former African slaves. Within ten years all the Latin American countries I named here had become democracies, and The Carter Center had observed early elections in Panama, Nicaragua, Peru, Haiti, and Paraguay.

As the scholar of English literature Marty Roth notes, while modern writers from Eugene O’Neill to Hemingway have explicitly denied the role of alcohol in their art, “this disclaimer, when it comes from a heavy drinker, is more likely to be part of an alcoholic alibi system than a statement of fact.”14 In any case, it is impossible to ignore the fact that an inordinate proportion of writers, poets, artists, and musicians are also heavy users of liquid inspiration, willing to put up with the physical and sometimes financial and personal costs in return for an unleashed mind.

But that Friday of the beam meeting, a check in the amount of £5,000 mysteriously, and conveniently, turned up in his Lloyds account. The name on the deposited check was that of Brendan Bracken, Churchill’s parliamentary private secretary, but the true source was Bracken’s wealthy co-owner of the Economist magazine, Sir Henry Strakosch. Three days earlier, upon receiving a statement from Lloyds listing his overdraft, Churchill had called Bracken to his office. He was fed up with the distraction and pressure caused by his financial troubles and had far more important matters to confront. He told Bracken to fix the situation, and Bracken did.

An obvious step to working the Debt Snowball is to stop borrowing. Otherwise, you will just be changing the names of the creditors on your debt list. So you must draw a line in the sand and say, “I will never borrow again.” As soon as you make that statement, there will be a test. Trust me. Your transmission will go out. Your kid will need braces. It is almost as if God wants to see if you are really gazelle-intense. At this point, you are ready for a plastectomy—plastic surgery to cut up your credit cards. I’m often asked, “Dave, should I cut my cards up now or when I pay them off?” Cut them up NOW. A permanent change in your view of debt is your only chance. No matter what happens, you have to pursue the opportunity or solve the challenge without debt. It has to stop. If you think you can get out of debt without huge resolve to stop borrowing, you are wrong. You can’t get out of a hole by digging out the bottom.

The last statement reveals more than may appear at first glance: it indicates that Greenspan's mistake was to expect that the lending institutions' enlightened self-interest would make them act more responsibly, more ethically, in order to avoid short-term self-propelling cycles of wild speculation which, sooner or later, burst like a bubble. In other words, his mistake concerned not the facts, the objective economic data or mechanisms; it concerned rather the ethical attitudes generated by market speculation—in particular the premise that market processes will spontaneously generate responsibility and trust, since it is in the long-term self-interest of the participants themselves to act thusly. Clearly, Greenspan's error was not only and not simply one of overestimating the rationality of market agents—that is, their ability to resist the temptation of making wild speculative gains. What he forgot to include in the equation was the financial speculators' quite rational expectation that the risks would be worth taking, since, in the event of a financial collapse, they could count on the state to cover their losses.

Jobs and Wozniak had no personal assets, but Wayne (who worried about a global financial Armageddon) kept gold coins hidden in his mattress. Because they had structured Apple as a simple partnership rather than a corporation, the partners would be personally liable for the debts, and Wayne was afraid potential creditors would go after him. So he returned to the Santa Clara County office just eleven days later with a “statement of withdrawal” and an amendment to the partnership agreement. “By virtue of a re-assessment of understandings by and between all parties,” it began, “Wayne shall hereinafter cease to function in the status of ‘Partner.’” It noted that in payment for his 10% of the company, he received $800, and shortly afterward $1,500 more. Had he stayed on and kept his 10% stake, at the end of 2012 it would have been worth approximately $54 billion. Instead he was then living alone in a small home in Pahrump, Nevada, where he played the penny slot machines and lived off his social security check. He later claimed he had no regrets. “I made the best decision for me at the time. Both of them were real whirlwinds, and I knew my stomach and it wasn’t ready for such a ride.

So-called “battered women’s shelters” have been called “one-stop divorce shops” because they are “extreme militant feminist” operations that exist mostly to separate children from their fathers, even without any demonstration of violence. Erin Pizzey, who founded the first shelter in London in 1971, claims that her movement has been “hijacked” by feminists. Extended investigations by Canada’s National Post and others revealed a violently anti-male agenda, corruption, drug and alcohol use, child abuse, and even, ironically, violence against women. Yet they continue to receive government funding. One woman whose husband “didn’t beat me up or nothing, we just had an argument,” says shelter workers ignored her pleas and pressured her to leave her marriage. “They asked me if I was abused, and I said, ‘No.’ They wanted me to get a lawyer, and I said, ‘For what?’” She maintains shelter employees tried to “trick” her into making incriminating statements about her husband. “Everything negative about him, they wrote it down. If I said something nice about him, they wouldn’t write it down. I kept telling them, ‘No, he didn’t hit me.’” She was offered financial incentives to leave her husband. “They said, ‘If you leave him, we can help you find a place right away.’ But I said, ‘I don’t want to leave him.’ . . . They wanted that so bad. They were trying to break up a family, and I didn’t want that.

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Unlike during the previous Gaza operation in 2012, the Iron Dome supply did not run out. After Operation Pillar of Defense I had instructed the army to accelerate production of Iron Dome projectiles and batteries. We accomplished this with our own funds and with generous American financial support. I now asked the Obama administration for an additional $225 million package to continue the production line after Protective Edge. He agreed, and with the help of Tony Blinken, the deputy national security advisor who later became Biden’s secretary of state, the funding provision sailed through both houses of Congress. I deeply appreciated this support and said so publicly. I was therefore very disappointed when the administration held back on the IDF’s request for additional Hellfire rockets for our attack helicopters. Without offensive weapons we could not bring the Gaza operation to a quick and decisive end. Furthermore, as the air war lingered, the administration issued increasingly critical statements against Israel, calling some of our actions “appalling”2 and thereby opening the moral floodgates against us. Hamas took note. As long as it believed that we couldn’t deliver more aggressive punches, and that international support was waning, it would continue to rocket our cities. Unfortunately, it was aided in this belief by an international tug-of-war. On one side: Israel and Egypt. On the other: Turkey and Qatar, which fully supported Hamas. I worked in close collaboration with Egypt’s new leader, el-Sisi, who had deposed the Islamist Morsi a few months earlier. Our common goal was to achieve an unconditional cease-fire. The last thing el-Sisi wanted was a Hamas success in Gaza that would embolden their Islamist allies in the Sinai and beyond. Hamas’s exiled leader, Khaled Mashal, who escaped the Mossad action in Jordan, was now in Qatar. Supported by his Qatari hosts and Erdogan and ensconced in his lavish villa in Doha, Mashal egged Hamas to keep on fighting. To my astonishment, Kerry urged me to accept Qatar and Turkey as mediators instead of the Egyptians, who were negotiating with Hamas representatives in Cairo for a possible cease-fire. Hamas drew much encouragement from this American position. El-Sisi and I agreed to keep the Americans out of the negotiating loop. In the meantime the IDF would have to further degrade Hamas’s fighting and crush their expectations of achieving anything in the cease-fire negotiations.

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While David runs the financial end of the Rockefeller dynasty, Nelson runs the political. Nelson would like to be President of the United States. But, unfortunately for him, he is unacceptable to the vast majority of the grass roots of his own party. The next best thing to being President is controlling a President. Nelson Rockefeller and Richard Nixon are supposed to be bitter political competitors. In a sense they are, but that still does not preclude Rockefeller from asserting dominion over Mr. Nixon. When Mr. Nixon and Mr. Rockefeller competed for the Republican nomination in 1968, Rockefeller naturally would have preferred to win the prize, but regardless of who won, he would control the highest office in the land. You will recall that right in the middle of drawing up the Republican platform in 1960, Mr. Nixon suddenly left Chicago and flew to New York to meet with Nelson Rockefeller in what Barry Goldwater described as the "Munich of the Republican Party." There was no political reason why Mr. Nixon needed to crawl to Mr. Rockefeller. He had the convention all sewed up. The Chicago Tribune cracked that it was like Grant surrendering to Lee. In The Making of the President, 1960, Theodore White noted that Nixon accepted all the Rockefeller terms for this meeting, including provisions "that Nixon telephone Rockefeller personally with his request for a meeting; that they meet at the Rockefeller apartment…that their meeting be secret and later be announced in a press release from the Governor, not Nixon; that the meeting be clearly announced as taking place at the Vice President's request; that the statement of policy issuing from it be long, detailed, inclusive, not a summary communiqué." The meeting produced the infamous "Compact of Fifth Avenue" in which the Republican Platform was scrapped and replaced by Rockefeller's socialist plans. The Wall Street Journal of July 25, 1960, commented: "…a little band of conservatives within the party…are shoved to the sidelines… [T]he fourteen points are very liberal indeed; they comprise a platform akin in many ways to the Democratic platform and they are a far cry from the things that conservative men think the Republican Party ought to stand for…" As Theodore White put it: "Never had the quadrennial liberal swoop of the regulars been more nakedly dramatized than by the open compact of Fifth Avenue. Whatever honor they might have been able to carry from their services on the platform committee had been wiped out. A single night's meeting of the two men in a millionaire's triplex apartment in Babylon-by-the-Hudson, eight hundred and thirty miles away, was about to overrule them; they were exposed as clowns for all the world to see." The whole story behind what happened in Rockefeller's apartment will doubtless never be known. We can only make an educated guess in light of subsequent events. But it is obvious that since that time Mr. Nixon has been in the Rockefeller orbit.

Continetti concludes: "An intellectual, financial, technological, and social infrastructure to undermine global capitalism has been developing for more than two decades, and we are in the middle of its latest manifestation… The occupiers’ tent cities are self-governing, communal, egalitarian, and networked. They reject everyday politics. They foster bohemianism and confrontation with the civil authorities. They are the Phalanx and New Harmony, updated for postmodern times and plopped in the middle of our cities. There may not be that many activists in the camps. They may appear silly, even grotesque. They may resist "agendas" and "policies." They may not agree on what they want or when they want it. And they may disappear as winter arrives and the liberals whose parks they are occupying lose patience with them. But the utopians and anarchists will reappear… The occupation will persist as long as individuals believe that inequalities of property are unjust and that the brotherhood of man can be established on earth." You can see why anarchists might find this sort of thing refreshingly honest. The author makes no secret of his desire to see us all in prison, but at least he’s willing to make an honest assessment of what the stakes are. Still, there is one screamingly dishonest theme that runs throughout the Weekly Standard piece: the intentional conflation of "democracy" with "everyday politics," that is, lobbying, fund-raising, working for electoral campaigns, and otherwise participating in the current American political system. The premise is that the author stands in favor of democracy, and that occupiers, in rejecting the existing system, are against it. In fact, the conservative tradition that produced and sustains journals like The Weekly Stand is profoundly antidemocratic. Its heroes, from Plato to Edmund Burke, are, almost uniformly, men who opposed democracy on principle, and its readers are still fond of statements like "America is not a democracy, it’s a republic." What’s more, the sort of arguments Continetti breaks out here--that anarchist-inspire movements are unstable, confused, threaten established orders of property, and must necessarily lead to violence--are precisely the arguments that have, for centuries. been leveled by conservatives against democracy itself. In reality, OWS is anarchist-inspired, but for precisely that reason it stands squarely in the very tradition of American popular democracy that conservatives like Continetti have always staunchly opposed. Anarchism does not mean the negation of democracy--or at least, any of the aspects of democracy that most American have historically liked. Rather, anarchism is a matter of taking those core democratic principles to their logical conclusions. The reason it’s difficult to see this is because the word "democracy" has had such an endlessly contested history: so much so that most American pundits and politicians, for instance, now use the term to refer to a form of government established with the explicit purpose of ensuring what John Adams once called "the horrors of democracy" would never come about. (p. 153-154)

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How to Open & Verify a Revolut Account Safely (2025 guide) Meta description: Learn how to open and verify a Revolut account legally and securely in 2025. Step-by-step verification checklist, common rejection reasons, and why buying verified accounts is risky If you want to more information just contact now. 24 Hours Reply/Contact ➤E-mail: topusaproy@gmail.com ➤WhatsApp: +1 (314) 489-2815 ➤Telegram: @topusapro Introduction Opening a Revolut account gives you easy multi-currency wallets, card spending controls, and global transfers. But the platform requires identity verification to meet KYC (Know Your Customer) and anti-money-laundering rules — and for good reason. This guide walks you through the legitimate verification process, common problems and fixes, and why buying a “verified” account is a dangerous shortcut. Why Revolut verifies users Revolut must confirm users’ identities to comply with financial regulations and to keep the service secure. Verification helps protect you and the wider system from fraud, money-laundering, and unauthorized access. Revolut will typically ask for ID documents and may require a selfie or short video to confirm the document matches the person using the account. These checks are standard across jurisdictions. What documents you’ll typically need Requirements can vary by country, but Revolut commonly accepts: a valid passport, national ID card, or driver’s licence as proof of identity, and — in some cases — a proof of address (utility bill, bank statement) if your nationality and residence differ. The app lists accepted document types during signup, so check the in-app prompts before uploading. Verification can take a few business days if additional checks are needed. Step-by-step verification checklist 1. Sign up in the Revolut app and enter your personal details exactly as they appear on your ID. 2. Prepare a clear photo of your ID (no glare, fully visible edges). 3. Take the requested selfie or short video in a well-lit area; follow on-screen instructions carefully. 4. If asked, upload proof of address that matches your registered residence. 5. Watch for in-app notifications or emails with additional requests — respond promptly to avoid delays. Identity checks can take up to several business days. Common reasons verification is rejected (and how to fix them) ● Blurry or cropped documents: Retake photos on a plain surface with good lighting. ● Expired documents: Use an unexpired passport or driver’s licence. ● Name/address mismatch: Make sure the name and address in the app match your documents exactly. If you recently changed your name or moved, prepare supporting paperwork (marriage certificate, utility bill). ● Poor selfie or incorrect angle: Follow the app’s live selfie/video prompts. If the system fails multiple times, contact Revolut support with clear photos and explanations. Why buying a “verified” Revolut account is a bad idea ● Violates terms of service: Revolut ties verification to a person’s identity; transferring or buying a verified account typically breaches Revolut’s terms and may be treated as identity fraud. If detected, the account can be frozen, funds lost, and you could face legal consequences. ● High fraud risk: Sellers who claim to sell verified accounts may be scammers. Even if you receive access, the original owner can later reclaim or report the account. ● Privacy and security exposure: Buying an account often involves sharing credentials or payment information with unknown third parties, which can lead to theft or account takeover. Because of these risks, the safer path is to verify your own account or use legitimate business onboarding channels for volume needs.

20 Best Site to Buy Verified Skrill Accounts (Updated 2026) If you’re reading this, you’re probably ready to use Skrill for sending money, receiving payments, or using online services. Great — Skrill can be fast and convenient when set up correctly. This guide walks you through everything: why Skrill, the legal and safe way to create and verify an account, how to secure it, fee and limit realities (2026 updates), troubleshooting, and safer alternatives. Let’s jump in. ✅Order Now: WWW.SMMUSAZONE.COM ⭐️)➣(⭐️) ➣ If you want to more information just contact now. (⭐️)➣(⭐️)➣ 24/7 customer support (⭐️)➣(⭐️)➣ Quick Delivery (⭐️)➣(⭐️)➣ Please Contact Us: ⬇⬇⬇ (⭐️)➣(⭐️)➣Telegram:@smmusazone (⭐️)➣(⭐️)➣ WhatsApp:‪ ‪+1 (850) 247-7643 (⭐️)➣(⭐️)➣ Email:smmusazone@gmail.com ✅Order Now: WWW.SMMUSAZONE.COM Why Use Skrill? Quick Overview Skrill’s core features Skrill is an online wallet that lets you send and receive money globally, hold multiple currencies, and pay with a virtual or physical card in some countries. Key selling points: Fast transfers to other Skrill users. Multi-currency balances, useful for freelancers and traders. Integration with many online merchants, casinos, and trading platforms. Debit/virtual cards (where supported) for spending digital balance. Who benefits most from Skrill Freelancers receiving cross-border payments. People who need quick peer-to-peer transfers without bank processing times. Online shoppers and platform users where Skrill is accepted. Users who want a separate wallet for online spending. Legal & Safety Reminder (Don’t Buy Accounts!) Why buying accounts is dangerous and illegal Buying “verified” accounts from third parties is a fast track to fraud, identity theft, and account freezes. Reasons to never buy accounts: Violates Skrill’s Terms of Service. Ownership and KYC must match the real user. Risk of stolen identity. Sellers may use forged documents or stolen identities. Loss of access. The original owner or Skrill can reclaim or freeze the account. Financial and legal exposure. Using illicit accounts can make you liable for fraud investigations. Safer alternatives to buying accounts Create your own account (legal and simple). Use a trusted alternative payment provider (see the Alternatives section). If you need a business account, set up a legal business entity or use a verified payment processor that supports unincorporated freelancers. Step-by-step: Creating a Skrill Account What you need before you start Gather these before signing up: A valid email address you control. A mobile phone for verification codes. A government ID (passport, driver’s license, national ID) for verification. A recent proof of address (utility bill, bank statement). A debit/credit card or bank account if you want to fund the wallet immediately. Signing up: field-by-field walkthrough Go to skrill.com (or the Skrill app from an official app store). Always verify the domain and HTTPS lock. Click “Register” and choose “Personal” or “Business” depending on your needs. Enter personal details: full name, date of birth, country of residence. Use the exact name as on your ID. Email & password: use a strong, unique password. Don’t reuse passwords across accounts. Set a security question (if offered), and enter your phone number for SMS verification. Agree to terms and submit. You’ll typically get an email confirmation link — click it to activate. Choosing the right account type (Personal vs Business) Personal: best for everyday use, gaming sites, shopping, and receiving personal payments. Business (or Merchant): necessary if you accept customer payments regularly or need invoicing and higher limits. Business accounts often require additional company documentation.

2026's Complete Guide to Buying Verified bybit Accounts Online Quite Bybit has grown into one of the world’s top crypto exchanges, offering derivatives, spot trading, staking, and copy trading to millions of users worldwide. But in 2026, with stricter global regulations and a growing number of scams, getting your account officially verified is not just recommended — it’s essential. ✅need your help just nock 24/7 replay..... ●── ●✦── ●✦── ●✦── ●✦── ●✦── ●✦── ✦ ➤ Email: smmusazone@gmail.com ●●── ●●── ●●── ●●── ●●── ●●── ●●── ●● ➤ Skype: smmusazone ●●── ●●── ●●── ●●── ●●── ●●── ●●── ●● ➤ Telegram: @smmusazone ●── ●✦── ●✦── ●✦── ●✦── ●✦── ●✦── ●✦ ➤WhatsApp: +1 (850) 247-7643 ●●── ●●── ●●── ●●── ●●── ●●── ●●── ●● Many traders search for “verified Bybit accounts for sale,” but this is dangerous, against Bybit’s Terms of Service, and can lead to account bans, frozen funds, or even legal trouble. The only safe way to gain full access to Bybit’s features is through official verification (KYC). In this guide, you’ll learn step-by-step how to legally create and verify a Bybit account, what documents you’ll need, how to use Bybit’s Identity Transfer feature, and the biggest red flags when it comes to online scams. ✅Why Verification Matters in 2026 Verification, also known as KYC (Know Your Customer), is the process Bybit uses to confirm your identity. It serves three main purposes: ✅Security: Protects your funds from unauthorized use. ✅Compliance: Meets global anti-money laundering (AML) regulations. ✅Access: Unlocks higher withdrawal limits, fiat deposits/withdrawals, and P2P trading. ✅Without KYC, your account is limited and at risk. With KYC, you gain full functionality and protection. ✅Step 1: Create Your Official Bybit Account ✅Go to Bybit’s official website or download the mobile app. ✅Click Sign Up. You can use your email or phone number. ✅Create a strong, unique password and store it in a password manager. ✅Enable 2FA (Two-Factor Authentication) using Google Authenticator or a hardware key. ✅Confirm your email or phone number to activate your account. ✅ Tip: Always double-check the website URL to avoid phishing scams. ✅Step 2: Complete the KYC Process ✅Bybit offers different levels of verification: ✅Basic Verification Requires government-issued ID and selfie. Grants basic withdrawal and trading access. ✅Advanced Verification Requires proof of address (utility bill, bank statement, tax record, etc.). Increases limits and enables more services. ✅Pro Verification (for institutions and high-net-worth traders) Requires detailed financial and corporate documents. ✅What you’ll need: ✅Passport, driver’s license, or national ID card. ✅Proof of address (dated within the last 3 months). ✅Smartphone or webcam for a liveness check. ✅Steps: ✅Log in to your Bybit account. ✅Navigate to Account & Security → Identity Verification. ✅Select your region and upload documents. ✅Complete the selfie/liveness verification. ✅Wait for approval — most cases are processed within minutes to 24 hours. ✅Step 3: Use Bybit’s Official Identity Transfer (Optional) If you already control a verified account but want to move your identity to another account you also own, Bybit provides an Identity Transfer tool. ✅Key rules: ✅Your source account will be restricted for 24 hours. ✅Withdrawals may be limited for several days after transfer. ✅The target account must be unverified. This is the only safe way to move a verified identity between accounts. Never use third-party “identity sellers.” ✅Step 4: Secure Your Verified Account ✅After verification, secure your account immediately: ✅Enable Google Authenticator (2FA). ✅Turn on withdrawal address whitelist. ✅Set up anti-phishing codes in your email settings. ✅Use unique, random passwords for Bybit and email.

Lynch’s rule—“You can outper-forms the experts if you use your edge by investing in companies or industries you already understand”—isn’t totally implausible, and thousands of investors have profited from it over the years. But Lynch’s rule can work only if you follow its corollary as well: “Finding the promising company is only the first step. The next step is doing the research.” To his credit, Lynch insists that no one should ever invest in a company, no matter how great its products or how crowded its parking lot, without studying its financial statements and estimating its business value. Unfortunately, most stock buyers have ignored that part.

Provide documents that show your investment experience and your financial readiness. When I submit my letter of intent (LOI) with my initial offer on a property, I also send a pre-approval letter from my lender, a brief bio, a schedule of my real estate holdings (Buyer’s Resume), references from brokers I have closed deals with, a current savings account statement and the first two pages of my most recent tax returns (with all confidential information blacked out, of course). If you are not in a position to submit all of this information, just provide what you can. The idea is to speak to your strengths as a buyer. Try to at least submit a pre-approval letter from your lender, as this will go a long way towards setting yourself apart from the average buyer.

Financial literacy is the ability to read and understand financial statements which allows you to identify the strengths and weaknesses of any business.

Three solid books full of timely and specific examples are Martin Fridson and Fernando Alvarez’s Financial Statement Analysis, Charles Mulford and Eugene Comiskey’s The Financial Numbers Game, and Howard Schilit’s Financial Shenanigans.

(Here is a statement of the obvious: banks with “state” in the name are chartered by the state; those with “national” in their name are chartered by the feds.)

If your account is debited but the transaction does not go through, SBI provides for real-time reversals for technical declines and amount would be transferred back to your account immediately. In case the amount is not reversed, you can raise a dispute through SBI YONO LITE app itself. If your account is debited but the transaction does not go through, SBI provides for real-time reversals for technical declines and amount would be transferred back to your account immediately. In case the amount is not reversed, you can raise a dispute through SBI YONO LITE app itself. One of the major advantages of the facility is that the customer need not register the beneficiary in order to transfer funds. However, in case of sending money using beneficiary’s Virtual ID, the beneficiary should mandatorily be registered with UPI. In case of payment through Account number +IFSC or Aadhaar number, the beneficiary need not be registered for UPI. When this happens, your funds will instantly be returned to your Cash App balance or linked bank account. If not, they should be available within 1–3 business days, depending on your bank. I got my ID approved and added my debit card as well as my bank as a backup. However, neither of them are working as well as another credit card I've tried when I try to load cash onto the app. Every time I try to add cash in order to buy BTC, it gives me the error "This transfer failed" but does not give me an explanation. I got my ID approved and added my debit card as well as my bank as a backup. However, neither of them are working as well as another credit card I've tried when I try to load cash onto the app. Every time I try to add cash in order to buy BTC, it gives me the error "This transfer failed" but does not give me an explanation.Does anyone know why this may be happening? Could it possibly be related to the fact that my physical square cash debit card has not arrived yet?I contacted support and got this response: "Thank you for your reply. I’m very sorry you’re unable to Add Cash right now. We’re rolling out this feature to more customers, keep an eye out for updates to the app!In the meantime, rest assured that you can still send funds directly from your debit card."I am unsure what exactly he means by this, because I cannot rest assured as I am not able to send funds from my debit card or by any other method. Help? According to recent statements by the company, there are more than 7 million Cash App users and with such a large base of users, there are some common Cash App problems. Payments failed on Cash App is one of such issues that users face. If your Cash App failed to send money and wondering why does my Cash App transfer keep failing then there is no need to worry you can fix Cash App transfer failed issue. You must read this blog to resolve Cash App transfer failed and follow some easy steps. Samuel Earney Login to follow Square's Cash App is a peer-to-peer payment app that allows you to send and receive money with friends and family, without any requirement of cash on hand. Cash App is the most secure payment gate away. When someone sends you money on the Cash App, then it is a virtual currency and stays in the app. If you have an activated Cash App Card, you can use it as a debit card and spend your balance anywhere that accepts Visa. The Cash app direct deposit feature was recently added to make its deposit features more accessible and the use of this app can certainly speed up the process for people unable to access bank accounts. Cash App allows you to directly deposit your paycheck into your Cash App account, invest the funds in your account balance, and use the Cash Card to make purchases. Cash App is not just a peer to peer digital payment application it is essentially a full-fledged financial tool.

We tend to judge wealth by what we see, because that’s the information we have in front of us. We can’t see people’s bank accounts or brokerage statements. So we rely on outward appearances to gauge financial success. Cars. Homes. Instagram photos. Modern capitalism makes helping people fake it until they make it a cherished industry. But the truth is that wealth is what you don’t see. Wealth is the nice cars not purchased. The diamonds not bought. The watches not worn, the clothes forgone and the first-class upgrade declined. Wealth is financial assets that haven’t yet been converted into the stuff you see.

Retirement is when your financial statement says: Relax I’ll take it from here.

Over time, the income statement and the cash flow statement in a well-run company will track one another. Profit will be turned into cash. As we saw in chapter 3, however, just because a company is making a profit in any given time period doesn’t mean it will have the cash to pay its bills. Profit is always an estimate—and you can’t spend estimates. With that lesson under our belts, let’s turn to the business of decoding the income statement.

There are also pro forma and non-GAAP income statements. Pro forma means that the income statement is a projection. If you are drawing up a plan for a new business, for instance, you might write down a projected income statement for the first year or two—in other words, what you hope and expect will happen in terms of sales and costs. That projection is called a pro forma. A non-GAAP income statement may exclude any unusual or one-time charges, or it may relax some GAAP rules.

No matter whose income statement you’re looking at, there will be three main categories. One is sales, which may be called revenue (it’s the same thing). Sales or revenue is always at the top. When people refer to “top-line growth,” that’s what they mean: sales growth. Costs and expenses are in the middle, and profit is at the bottom

Another part of operating expenses that is often buried in that SG&A line is depreciation and amortization. How this expense is treated can greatly affect the profit on an income statement.

The “line” generally refers to gross profit. Above that line on the income statement, typically, are sales and COGS or COS. Below the line are operating expenses, interest, and taxes. What’s the difference? Items listed above the line tend to vary more (in the short term) than many of those below the line, and so tend to get more managerial attention.

As we mentioned in chapter 4, any accounting change that is “material” to the bottom line must be footnoted in this manner. But who decides what is material and what isn’t? You guessed it: the accountants. In fact, it could very well be that recognizing 75 percent up front presents a more accurate picture of the software division’s reality. But was the change in accounting method due to good financial analysis, or did it reflect the need to make the earnings forecast? Could there be a bias lurking in here? Remember, accounting is the art of using limited data to come as close as possible to an accurate description of how well a company is performing. Revenue on the income statement is an estimate, a best guess. This example shows how estimates can introduce bias.

When you buy an airplane ticket, the airline charges your credit card immediately, even if you are not planning to fly for another three weeks. Accountants call such funds deferred revenue. Because of its name, deferred revenue sounds like something we should discuss in this chapter. Deferred revenue is indeed related to revenue—it will turn into revenue eventually—but it does not belong here. Remember the GAAP principle of conservatism? It says, in part, that revenue should be recognized when (and only when) it is actually earned. Deferred revenue is money that has come in but is as yet unearned. So it can’t go into the income statement. Instead, accountants put deferred revenue on the balance sheet as a liability—that is, an amount that the company owes to somebody else. In the example, the airline owes you a flight. We’ll discuss deferred revenue further in part 3

Operating Expenses Operating expenses are the costs required to keep the business going from day to day. They include salaries, benefits, and insurance costs, among a host of other items. Operating expenses are listed on the income statement and are subtracted from revenue to determine profit.

Capital Expenditures A capital expenditure is the purchase of an item that’s considered a long-term investment, such as computer systems and equipment. Most companies follow the rule that any purchase over a certain dollar amount counts as a capital expenditure, while anything less is an operating expense. Operating expenses show up on the income statement, and thus reduce profit. Capital expenditures show up on the balance sheet; only the depreciation of a piece of capital equipment appears on the income statement. More on this in chapters 5 and 11

Depreciation is the method accountants use to allocate the cost of equipment and other assets to the total cost of products and services as shown on the income statement. It is based on the same idea as accruals: we want to match as closely as possible the costs of our products and services with what was sold. Most capital investments other than land are depreciated. Accountants attempt to spread the cost of the expenditure over the useful life of the item. There’s more about depreciation in parts 2 and 3.

when a company expects a loss, the loss must show up in the financial statements as soon as it can be quantified—that is, as soon as the amounts involved are known. Accountants call this recognizing a loss.

Ironically, GAAP rules have a requirement that governs the reporting of non-GAAP numbers. Companies usually show how they got, mathematically, from the GAAP number to the non-GAAP number. This is often called a bridge statement. We aren’t going to get into that here—too many details!—but feel free to look into companies’ financial statement notes or supplemental documents if you’re interested.

Prepaid expenses are expenditures that have already been made for benefits that the company will receive in the near future. Examples of prepaid expenses are advances for insurance policies, rent, and taxes. Prepaid expenses are classified as current assets, not because they can be turned into cash, but because if they had not been prepaid, that cash would have to be spent within 12 months. Some prepaid expenses also result in cost savings, such as paying insurance premiums annually instead of monthly.

A quick way to check to see if the company has taken on too much debt is to compare its net income to its total debt. If it would take twenty years to repay this debt (a situation many airline companies and auto manufacturers are often in), it would not be a good sign. However, if the company could pay it off in less than five years, then the debt level would probably not be a concern.

Depreciation is considered a non-cash expense because the money required to purchase a particular fixed asset has already been spent.

Revenue, remember, is recognized when a product or service is delivered, not when the bill is paid. So the top line of the income statement, the line from which we subtract expenses to determine profit, is often no more than a promise. Customers have not paid yet, so the revenue number does not reflect real money and neither does the profit line at the bottom.

Materiality Material in accountant-speak means something significant—something that would affect the judgment of an informed investor about the company’s financial situation. Every material event or piece of information must be disclosed, typically in the footnotes of financial statements.

Convert your net income from operating activities to net cash (flows): The cash flow statement also helps in converting the earnings from operating activities to cash.

There are three key financial statements that are made up of 5 main elements. These elements include: 1. Assets: Assets are items of value that are owned by the company. Items that can be listed under assets include cash, equipment, real estate, etc. 2. Liabilities: These are items that decrease the net worth of the business. In other words, liabilities are what the company owes other companies, individuals, or investors. Liabilities include items such as accounts payable, long term and short term loans, etc. 3. Equities: These refer to cash or cash equivalents that are used to represent the ownership of the company. The term equity, as used in accounting, determines the value of the company and its ownership. 4. Revenues: Revenue is one component of financial statements that mainly appears on the income sheet and the cash flow statement. Revenue represents all the money that is earned by a business over a given trading period. The revenue of a business can vary from one accounting period to another. The revenue of a business determines the net income of business after expenses have subtracted. 5. Expenses: The expenses of a business are usually used in preparing the income sheet and the cash flow statement. Expenses represent the ways a company uses its funds. Among the expenses include direct expenses such as the cost of goods sold and indirect expenses such as rent and taxes.

Do not be quick to pay your supplier before your customers pay for their goods.

The financial statements are a goal-setting paradise. Set these goals early for preventing your statements from being a nightmare.

I remind people that financial IQ is made up of knowledge from four broad areas of expertise: 1.​Accounting Accounting is financial literacy or the ability to read numbers. This is a vital skill if you want to build an empire. The more money you are responsible for, the more accuracy is required, or the house comes tumbling down. This is the left-brain side, or the details. Financial literacy is the ability to read and understand financial statements which allows you to identify the strengths and weaknesses of any business. 2.​Investing Investing is the science of “money making money.” This involves strategies and formulas that use the creative right-brain side. 3.​Understanding markets Understanding markets is the science of supply and demand. You need to know the technical aspects of the market, which are emotion-driven, in addition to the fundamental or economic aspects of an investment. Does an investment make sense or does it not make sense based on current market conditions? 4.​The law A corporation wrapped around the technical skills of accounting, investing, and markets can contribute to explosive growth. A person who understands the tax advantages and protections provided by a corporation can get rich so much faster than someone who is an employee or a small-business sole proprietor. It’s like the difference between someone walking and someone flying. The difference is profound when it comes to long-term wealth.

Following is a sample list of some points you will want to include in your business plan. These can all be organized in a very professional manner in a notebook that includes tabs. • Executive summary. Include a one- or two-page summary of your plan. • Mission statement. Include one or two paragraphs that succinctly state your purpose. • Background. Present information about yourself and your experience. • Financial statement. List your assets, liabilities, and net worth. • Site location. Include a list of benefits, maps, and proximity to shopping and schools. • Demographics. Present information about the people living in the area (income, education, etc.). • Competitor analysis. Determine who your competitors are and present average rents and sales comparisons. • Marketing strategy. Define your target market (tenants, buyers, etc.). • Financial analysis. Include historical and pro forma operating statements. • Improvements. Define capital improvements to be made to the property. • Purchase agreement. Include your sales contract with the seller. • Exhibits. Include photographs of the property, tax returns, sample floor plans, and the like.

Balance Sheet The balance sheet reflects the assets, liabilities, and owners’ equity at a point in time. In other words, it shows, on a specific day, what the company owned, what it owed, and how much it was worth. The balance sheet is called such because it balances—assets always must equal liabilities plus owners’ equity. A financially savvy manager knows that all the financial statements ultimately flow to the balance sheet. We’ll explain all these notions in part 3.

Product cost goes into cost of goods sold. If product costs go up, gross profit goes down—and gross profit is a key measure for assessing product profitability. Development costs, however, go into R&D, which is included in the operating expense section of the income statement and doesn’t affect gross profit at all.

general sentiment may be true: buying things is not where you should turn for contentment. But at its core, the statement is false. It’s meant to keep you powerless, unpaid, overworked, and financially unstable. Anxiety regarding money-related issues has been at or near the top of the American Psychological Association’s Stress in America survey every year since it began in 2007.

The Matching Principle The matching principle is a fundamental accounting rule for preparing an income statement. It simply states, “Match the cost with its associated revenue to determine profits in a given period of time—usually a month, quarter, or year.” In other words, one of the accountants’ primary jobs is to figure out and properly record all the costs incurred in generating sales.

You can see how far we are from cash in and cash out. Tracking the flow of cash in and out the door is the job of another financial document, namely the cash flow statement (part 4). You can also see how far we are from simple objective reality. Accountants can’t just tote up the flow of dollars; they have to decide which costs are associated with the sales. They have to make assumptions and come up with estimates. In the process, they may introduce bias into the numbers.

H. Thomas Johnson and Robert S. Kaplan, in their classic book Relevance Lost, tell how General Motors developed the divisional system—with income statements for each division—in the first half of the twentieth century.

A company can record or recognize a sale when it delivers a product or service to a customer. That’s a simple principle. But as we suggested earlier in the book, when you put it into practice, you immediately run into complexity. In fact, the issue of when a sale can be recorded is one of the more artful aspects of the income statement. It’s the one where accountants have the most discretion and that managers therefore must understand most closely.

Remember that many numbers on the income statement reflect estimates and assumptions. Accountants have decided to include some transactions here and not there. They have decided to estimate one way and not another.

Interestingly, such a change is not illegal. An explanation might appear in a footnote to the financial statements, but then again it might not. Maybe you noticed in chapter 6 that the Hewlett-Packard footnote regarding revenue recognition policy mentioned 2009 and 2010. That’s because later in that same section the company describes what it did differently in 2008: For fiscal 2008 . . . HP allocated revenue to each element based on its relative fair value, or for software, based on VSOE of fair value. In the absence of fair value for a delivered element, HP first allocated revenue to the fair value of the undelivered elements and the residual revenue to the delivered elements . . . .