On 8 Oct 2004 18:10:56 -0500, Dave wrote:

On Fri, 08 Oct 2004 22:16:18 GMT, felton said:

Perhaps
then I'll help you with your accounting misconceptions.

Please explain the accounting misconception. I'm all ears. Tell me why the
statement I pointed to, without further explanation, is not misleading.

Well, the requirement was that you provide a source for the all new
definition of coalition before I help you with you accounting
homework. I am feeling generous, though, so I'll help you out.

Current assets are specifically defined as assets which are expected
to be converted to cash within a one year time frame. Assets, such as
inventories which fail to meet this test as a result of obsolescence
would be required to be written down to net realizable value. Same
with receivables if there is a collectibility issue. There is a
clearly right way and wrong way to account for and classify assets and
libialities and there is no "gray" area. No explanation should have
been required for the analysts. The numbers were bogus, and clearly
wrong based on generally accepted accounting principles, therefore the
"current ratio" was equally wrong. No disclosure to the contrary
would make it otherwise.

There. Now you can help Cheney with his accounting.