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For example, it is difficult to agree to whether concepts like God, the number three, and goodness are real, abstract, or both. An approach to resolving such difficulty is to use predicates as a general term for whether things are variously real, abstract, concrete, or of a particular property (e.g., good ).
Financial modeling is the task of building an abstract representation (a model) of a real world financial situation. [1] This is a mathematical model designed to represent (a simplified version of) the performance of a financial asset or portfolio of a business, project, or any other investment.
Generally Accepted Accounting Principles (GAAP) is the standard framework of guidelines for financial accounting used in any given jurisdiction. It includes the standards, conventions and rules that accountants follow in recording and summarizing and in the preparation of financial statements.
The framework of principles, concepts, and constraints will drive the classification of management accounting practices in the profession to "enable a better understanding both inside the profession and outside, of the compromises that result from inappropriate principles". [2]
Examples of nonauthoritative accounting guidance and literature include the following: [4] Practices that are widely recognized and prevalent either generally or in the industry; FASB Concepts Statements; American Institute of Certified Public Accountants (AICPA) Issues Papers
[A] The abstract concepts can range "from numbers, to emotions, and from social roles, to mental states ..". [ A ] These abstract concepts are themselves grounded in multiple systems. [ A ] [ a ] In psychology , a conceptual system is an individual's mental model of the world; in cognitive science the model is gradually diffused to the ...
Abstraction in mathematics is the process of extracting the underlying structures, patterns or properties of a mathematical concept, removing any dependence on real world objects with which it might originally have been connected, and generalizing it so that it has wider applications or matching among other abstract descriptions of equivalent phenomena.
For example, sales returns and allowance and sales discounts are contra revenues with respect to sales, as the balance of each contra (a debit) is the opposite of sales (a credit). To understand the actual value of sales, one must net the contras against sales, which gives rise to the term net sales (meaning net of the contras). [34]