I apologize for my disappearance over the past few months. I’ve been working on a monumental new contribution to the accounting literature:
The whole idea of the “Dummies” series seems somewhat irreverent, and quite honestly, I hope my doctoral dissertation adviser never finds out that I published a whole book written in the second person. That said, the editors and staff continue to impress me with their professionalism and studied attention to detail. It’s been a great experience.
One special feature I’d like to offer you, my faithful readers, are few small tidbits of the book that were left on the cutting room floor. Here’s my first NRFD (“Not Ready For Dummies”) item, an explanation about distinguishing revenues from gains:
Revenues come only when you sell whatever you usually sell to your customers. Record the inflow as a “gain” or “loss,” rather than as a revenue, if you sell a product you normally don’t sell (like, say, your delivery truck or kidney).