Warren Buffett and the Interpretation of Financial Statements Quotes

“You have to understand accounting and you have to understand the nuances of accounting. It's the language of business and it's an imperfect language, but unless you are willing to put in the effort to learn accounting - how to read and interpret financial statements - you really shouldn't select stocks yourself. - Warren Buffett”
― Mary Buffett, Warren Buffett and the Interpretation of Financial Statements: The Search for the Company with a Durable Competitive Advantage

“Current assets are also referred to as the “working assets” of the business because they are in the cycle of cash going to buy inventory; Inventory is then sold to vendors and becomes Accounts Receivable. Accounts Receivable, when collected from the vendors, then turns back into Cash. Cash → Inventory → Accounts Receivable → Cash. This cycle repeats itself over and over again, and it is how a business makes money.”
― Mary Buffett, Warren Buffett and the Interpretation of Financial Statements: The Search for the Company with a Durable Competitive Advantage