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:
“When you realize how hard it is to know the truth about yourself, you understand that even the most exhaustive and well-meaning autobiography, determined to tell the truth, represents, at best, a guess. There have been times in my life when I felt incredibly happy. Life was full. I seemed productive. Then I thought,”Am I really happy or am I merely masking a deep depression with frantic activity?” If I don’t know such basic things about myself, who does?”
—Phyllis Rose (b. 1942)
“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)