“Expected Values in Financial Reporting” by Johnson, Robbins, Swieringa, and Weil published in the journal Accounting Horizons in 1993 expose a smoking arsenal of examples of the Flaw of Averages inherent in Generally Accepted Accounting Principles (GAAP). This paper inspired my Gratuitous Inflammatory Remarks on the Accounting Industry which formed the basis of “Accounting for Uncertainty”, co-authored by Marc Van Allen, which appears in the Fall edition of the Journal of Portfolio Management.