The ways accountants "do things."
The common practices of accountants are known as accounting conventions. They’re not legally binding methods, but they are the way you do things if you’re an accountant that doesn’t want to get fired, sued, or go to jail. All professions have conventions. There are no laws, for example, stating that TV journalists can’t type with their tongue while on camera, but that practice will probably get you fired. There are no laws against a lawyer juggling in court, but he probably won’t win many cases. And although there’s no law against a writer of clever finance definitions listing 17 zany comparisons to accounting convention, nobody would read them.
Related or Semi-related Video
Finance: What Does "Boilerplate" Mean?1 Views
finance a la shmoop what does boilerplate mean? way down there here's
the standard form contract that everyone gets when they buy a washing machine it [Clothes spinning in a washing machine]
says stuff like don't throw your cat or kid in here and if you do that's on you
pal not us don't plug a hundred ten volt line into [Person inserts plug into socket and electrocutes themselves]
a 220 volt receptacle it would be shocking if you did that and probably
revolting... they don't really get in in boilerplate if you bang it with the
sledgehammer and damage the washing machine well yeah pal that's on you too [Man hits washing machine with sledge hammer]
these machines are here to wash your clothes not let you vent your rage you
know even if it is against the machine so if you slowly zoom out against the
contract there and look you'll see this language which is the standard same
language on pretty much every consumer contract like this and well it looks [Stack of contracts appear]
like boilerplate literally like here is an actual boilerplate and while here's
the contract and now let's mash them up yeah eerily similar so why do we have
the term well just refers to the notion that this set of caveats or warnings is
pretty standard on every contract or similar purchase in the same way a
boilerplate is used to make you know every boiler yeah as for an actual [Boiler plates appear]
boilerplate well good luck fitting in that thing into your washing machine
it'll really ruin it we tried [Man holding boilerplate]
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