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:
“Just as the constant increase of entropy is the basic law of the universe, so it is the basic law of life to be ever more highly structured and to struggle against entropy.”
—Václav Havel (b. 1936)
“Science is a dynamic undertaking directed to lowering the degree of the empiricism involved in solving problems; or, if you prefer, science is a process of fabricating a web of interconnected concepts and conceptual schemes arising from experiments and observations and fruitful of further experiments and observations.”
—James Conant (1893–1978)