Notable quotes about accounting
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The word accounting comes from the word accountability. If you are going to be rich, you need to be accountable for your money.[1]
— Robert Kiyosaki Robert Kiyosaki, American businessman and author of Rich Dad Poor Dad
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Accounting is not just about compliance; it’s about upholding the ethical fabric of financial systems.[2]
— Samantha Wilson Template:Samantha Wilson/attribution
I have no use for bodyguards, but I have very specific use for two highly trained certified public accountants.[3]
— Elvis Presley Elvis Presley, American singer and actor
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[4]
— Warren Buffett Warren Buffett, American investor and chairman and CEO of Berkshire Hathaway
Behind every good business is a great accountant.[5]
— Anonymous Template:Anonymous/attribution
Accounting excellence is not just a skill; it’s a mindset of financial mastery.[6]
— Richard Turner Template:Richard Turner/attribution
Accounting greatness is not just about what you calculate; it’s about the financial stories you unfold[7]
— Christopher Miller Template:Christopher Miller/attribution
Creativity is great but not in accounting.[8]
— Charles Scott Charles Scott, business executive and former CEO of Intermark
Never call an accountant a credit to his profession; a good accountant is a debit to his profession.[9]
— Charles Lyell Charles Lyell, Scottish geologist
Capital isn’t this pile of money sitting somewhere; it’s an accounting construct.[10]
— Bethany McLean Bethany McLean, American journalist and author
Proper accounting is like engineering. You need a margin of safety. Thank God we don’t design bridges and airplanes the way we do accounting.[11]
— Charlie Munger Charlie Munger, American investor and former vice chairman of Berkshire Hathaway
Life is like accounting, everything must be balanced.[12]
— Gail Godwin Gail Godwin, American novelist
“You have to know accounting. It’s the language of practical business life. It was a very useful thing to deliver to civilization. I’ve heard it came to civilization through Venice which of course was once the great commercial power in the Mediterranean. However, double entry bookkeeping was a hell of an invention.”[13]
— Charlie Munger Charlie Munger, American investor and former vice chairman of Berkshire Hathaway
“Creative accounting is an absolute curse to a civilization. One could argue that double-entry bookkeeping was one of history’s great advances. Using accounting for fraud and folly is a disgrace. In a democracy, it often takes a scandal to trigger reform. Enron was the most obvious example of a business culture gone wrong in a long, long time.”[14]
— Charlie Munger Charlie Munger, American investor and former vice chairman of Berkshire Hathaway
Managers and investors alike must understand that accounting numbers are the beginning, not the end, of business valuation.[15]
— Warren Buffett Warren Buffett, American investor and chairman and CEO of Berkshire Hathaway
Companies run by engineers don’t make money, but companies run by accountants don’t make anything at all.[16]
— Peter Krueger Peter Krueger, Business executive and management commentator.
The reaction of weak management to weak operations is often weak accounting.[17]
— Warren Buffett Warren Buffett, American investor and chairman and CEO of Berkshire Hathaway
Accounting does not make corporate earnings or balance sheets more volatile. Accounting just increases the transparency of volatility in earnings.[18]
— Diane Garnick Diane Garnick, investment strategist at Invesco
To be successful, you should concentrate on the world of companies, not arcane accounting mathematics.[19]
— Warren Buffett Warren Buffett, American investor and chairman and CEO of Berkshire Hathaway
In the long run, management stressing accounting appearance over economic substance usually achieves little of either.[20]
— Warren Buffett Warren Buffett, American investor and chairman and CEO of Berkshire Hathaway
It sounds extraordinary, but it’s a fact that balance sheets can make fascinating reading.[21]
— Mary Archer Mary Archer, British scientist and academic
People don’t pay attention. And then one day there’s an accounting. And after that, nothing is the same.[22]
— Cormac McCarthy Template:Cormac McCarthy/attribution
It has been my experience that competency in mathematics, both in numerical manipulations and in understanding its conceptual foundations (accounting), enhances a person’s ability to handle the more ambiguous and qualitative relationships that dominate our day-to-day financial decision-making.[23]
— Alan Greenspan Alan Greenspan, former chair of the U.S. Federal Reserve
People are accustomed to thinking of accounting as dry and boring, a necessary evil used primarily to prepare financial reports and survive audits, but that is because accounting is something that has become taken for granted.[24]
— Eric Ries, Author Eric Ries, American entrepreneur and author of The Lean Startup
The accountant is the unsung hero of today’s business. But how do you remember them? They count the beans and crunch the numbers.[25]
— Mary E. Jones Template:Mary E. Jones/attribution
I thought I could start over, you see. But now I know you can never start over. Not really. You think you have control, but you are like a fly in somebody else's web. Sometimes I think that's why I like accounting. All day, you are only dealing with numbers. You add them, multiply them, and if you are careful, you will always have a solution. There's a sequence there. An order. With numbers, you can have control.[26]
— Barack Obama Barack Obama, 44th U.S. president
Managers thinking about accounting issues should never forget one of Abraham Lincoln's favorite riddles: How many legs does a dog have, if you call a tail a leg? The answer: Four, because calling a tail a leg doesn't make it a leg.[27]
— Warren Buffett Warren Buffett, American investor and chairman and CEO of Berkshire Hathaway
I would argue that a majority of the horrors we face would not have happened if the accounting profession developed and enforced better accounting.[28]
— Charlie Munger Charlie Munger, American investor and former vice chairman of Berkshire Hathaway
There are three cardinal rules - don't take somebody else's boyfriend unless you've been specifically invited to do so, don't take a drink without being asked, and keep a scrupulous accounting in financial matters.[29]
— W. H. Auden Template:W. H. Auden/attribution