This excerpt is from The Interpretation of Financial Statements, a book originally published in 1937 by investment pioneer Benjamin Graham and Spencer B. Meredith, with a new introduction by Michael F. Price in the 1998 edition. The text systematically explores various components of financial statements, including balance sheets and income accounts, explaining fundamental accounting principles like debits and credits, and examining specific asset and liability categories such as intangible assets, depreciation, and current liabilities. It also discusses key financial concepts like book value, working capital, and earning power, aiming to equip readers with the knowledge to intelligently analyze a company's financial health. Furthermore, the text provides definitions of numerous financial terms and phrases, serving as a valuable resource for understanding financial reporting.

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