Lipo liquidating corp
We have heard from a well known Sydney surgeon who wishes to remain anonymous that the training TCI undergoes with its doctors is: After you watch 3 operations and then perform 3 under supervision, you’re considered an expert to work on your own.
Management uses the data to make decisions regard- ing prices, wages, dividends, taxes, and manufacturing policy.
The dollar Is the accountant's yardstick, and the value of the dollar is assumed to be stable.
Under this assumption, accounting reports ape reliable and useful.
However, through the past twenty years the movement of the price level has been generally upward, and as a result the purchasing power of the dollar has been cut in half. They have devoted con- siderable time and attention to this subject and the possible avenues of solution.
This condition poses a major problem in accounting. The accountants attempt to develop sup- plementary statements which show economic results and leave to the conventional statements (in substantially their present form) the task of reporting results in monetary terras only.
Conventional balance sheets and income statements have lost some of the economic significance which they had during periods of monetary stability. Comments Supporting Conventional Accounting The generally accepted accounting principles have been recognized by the accounting profession for a long time.Management cannot make sound decisions based on unreliable data. Under the prevailing concepts and procedures these principles have worked well over the years, and the conventional financial statements are widely used and respected.As a result of inflation during the past two decades, the discrepancies between the financial and the economic— the monetary and the real— results of business operation have be- come obvious. The idea of price adjustments is a clear-cut deviation from the generally accepted accounting concept of incurred cost.A widespread interest in the problem has developed among the members of both the public accounting and William A. There is no recognition of the change in the value of the dollar in the eyes of the law.Many agreements and con- tracts are established with the dollar as the legal measuring unit.Accountants have the problem of making significant con- versions without any recognition of change in the value of the dollar by the law.