accounting and finance are not the same subject matter, finance is more about valuation, accounting is the input that helps determine it. The author is clearly wrong in his/her approach.
See http://pages.stern.nyu.edu/~adamodar/ Buy that guys book, read it, and you will be much better off.
Its unlikely that anyone who was reading that article to learn about the basics of accounting would be able to gain anything at all from your comment.