A dozen laws of accountancy that weren't covered in your studies

1. Trial balances don’t. (Not always, anyway)
2. Working capital does not. (Work, that is)
3. Liquidity tends to run out. (Faster than you think)
4. The bottom line is only the tip of the iceberg. (What lies beneath matters more)
5. Depreciation is inevitable. (For assets and accountants)
6. Forecasts are mostly fiction. (But we make them anyway)
7. Profit is an opinion, cash is a fact. (Ask any struggling business)
8.        The auditor is always right. (Especially when they say you're wrong)
9.        A budget is a wild guess wrapped in spreadsheets
10.        There is nothing more permanent than a temporary account
11.        An accountant is a person who will explain that you did not make the money you thought you had
12.        If in doubt, reconcile. (Then reconcile again)