Accounting just like Management is concerned with Economics (well-being) of all of us from creation till the present till our passing. Accounting concepts and principles have strong foundations for them to stand the test of times as it serves Management with its tasks including decision-making and stewardship. Here, we have an opportunity to see the rationale for the GAAP that we need to respect and apply lest we proceed at our own peril in pursuit of the pot of gold at the closer foot of the rainbow.