Basic Concepts
To achieve basic objectives and implement fundamental qualities GAAP has four basic assumptions, four basic principles, and four basic constraints.
Read more about this topic: Generally Accepted Accounting Principles (United States)
Famous quotes containing the words basic and/or concepts:
“Southerners, whose ancestors a hundred years ago knew the horrors of a homeland devastated by war, are particularly determined that war shall never come to us again. All Americans understand the basic lessons of history: that we need to be resolute and able to protect ourselves, to prevent threats and domination by others.”
—Jimmy Carter (James Earl Carter, Jr.)
“When you have broken the reality into concepts you never can reconstruct it in its wholeness.”
—William James (1842–1910)