Based on an actual conversation.
New CFO: "Half of your in-transit inventory is not recorded on the books, because you have not followed the cost-recognition rules since you started this company six years ago."
CEO: "The books? Which books? Do you mean the Excel spreadsheet we call Order Book?"
New CFO (doesn't know whether to cry or to laugh): "Your books - your financial records! They are not in accordance with GAAP."
CEO: "GAP? What that cheap store has to do with our inventory?"