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What Is Meant by Generally Accepted Accounting Principles

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What is meant by generally accepted accounting principles?


Definitions:

Pragmatics

The branch of linguistics concerned with the use of language in social contexts and the ways in which people produce and comprehend meanings through language.

Suprematism

A type of art formulated by Kazimir Malevich to convey his belief that the supreme reality in the world is pure feeling, which attaches to no object and thus calls for new, nonobjective forms in art—shapes not related to objects in the visible world.

Pure Feeling

An unalloyed emotional state that is undiluted by rational thought, often emphasized in discussions of art, music, and poetry to denote sincere or profound emotion.

Objective Reality

The concept that objects exist and have properties independent of any observer's beliefs or perceptions.

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