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:
“What, then, is the basic difference between today’s computer and an intelligent being? It is that the computer can be made to see but not to perceive. What matters here is not that the computer is without consciousness but that thus far it is incapable of the spontaneous grasp of pattern—a capacity essential to perception and intelligence.”
—Rudolf Arnheim (b. 1904)
“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)