Accounting and auditing are frequently cited as culprits in the current economic crisis. Traditional practices (including academic rationales) are coming under increased scrutiny. This paper proposes a way of beginning to reinvigorate the subject by returning to the classics. Accounting, as a...

This is a selection from Professor Abraham Briloff (deceased in 2014) from his book, More Debits than Credits: The Burnt Investors Guide to Financial Statements, Harper and Rowe, New York, 1976. Abraham Jacob Briloff was born on July 19, 1917, in Manhattan. His parents, Benjamin and Anna, were...