The problem when paying sole attention to ‘earnings per share’ is that it is formulated using
The problem when paying sole attention to ‘earnings per share’ is that it is formulated using ‘generally accepted accounting principles’. Commonly known as ‘GAAP’, this accounting methodology is a flexible representation of the company”s revenues and expenses, mainly formulated for tax reporting purposes. The sticking point is that ‘GAAP’ consists of many non-cash items - sometimes considered as ‘accounting fictions’. And because of the permissible leeway in how GAAP can be implemented, it”s subject to manipulation.
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