fundamental

(noun)

A leading or primary principle, rule, law, or article, which serves as the groundwork of a system; essential part, as, the fundamentals of linear algebra.

Related Terms

Examples of fundamental in the following topics:

  • Fundamental Concepts in Accounting

    • In order to prepare the financial statements, it is important to adhere to certain fundamental accounting concepts.
    • In order to prepare the financial statements, it is important to adhere to certain fundamental accounting concepts.

  • Fundamental Accounting Equation

    • The fundamental accounting equation can actually be expressed in two different ways.

  • Debits and Credits

    • Credit and debit are the two fundamental aspects of every financial transaction in the double-entry bookkeeping system.
    • The answer is one that is fundamental to the accounting system.

  • Activities of the Business: Financing, Investing, and Operating

    • Operating activities, or the fundamental activities the business engages in can include the production, sales, and delivery of the company's product as well as collecting payment from its customers.

  • What Goes on the Balances Sheet and What Goes in the Notes

    • Balance sheets are presented with assets in one section, and liabilities and equity in the other section, so that the two sections "balance. " The fundamental accounting equation is: assets = liabilities + equity ([).

  • Reasons for a Conceptual Framework

    • fundamental principles which then do not have to be repeated in accounting standards.

  • Differences Between GAAP and IFRS and Implications of Potential Convergence

    • The growing acceptance of International Financial Reporting Standards (IFRS) as a basis for U.S.financial reporting represents a fundamental change for the U.S. accounting profession.

  • Ethical Considerations

    • Business ethics reflects the philosophy of business, one of whose aims is to determine the fundamental purposes of a company.

  • What Is the Accounting Cycle?

    • These events have one fundamental thing in common: they have caused a measurable change in the amounts in the accounting equation, assets = liabilities + stockholders' equity.