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:
“Scientific reason, with its strict conscience, its lack of prejudice, and its determination to question every result again the moment it might lead to the least intellectual advantage, does in an area of secondary interest what we ought to be doing with the basic questions of life.”
—Robert Musil (1880–1942)
“When you have broken the reality into concepts you never can reconstruct it in its wholeness.”
—William James (1842–1910)