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:
“Justice begins with the recognition of the necessity of sharing. The oldest law is that which regulates it, and this is still the most important law today and, as such, has remained the basic concern of all movements which have at heart the community of human activities and of human existence in general.”
—Elias Canetti (b. 1905)
“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)