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.)
“It is impossible to dissociate language from science or science from language, because every natural science always involves three things: the sequence of phenomena on which the science is based; the abstract concepts which call these phenomena to mind; and the words in which the concepts are expressed. To call forth a concept, a word is needed; to portray a phenomenon, a concept is needed. All three mirror one and the same reality.”
—Antoine Lavoisier (1743–1794)