G
| Term | Meaning |
|---|---|
| GAAP | Conventions, rules, and procedures necessary to define accepted accounting practice at a particular time. The highest level of such principles is set by the Financial Accounting Standards Board (FASB). |
| Gain | Excess of revenues received over costs relating to a specific transaction. |
| GAO | Accounting and auditing office of the United States government. An independent agency that reviews federal financial transactions and reports directly to Congress. |
| GASB | Group that has the authority to establish standards of financial reporting for all units of state and local government. |
| General journal | The simple and most flexible type of journal. |
| General ledger | Collection of all asset, liability, owners’ equity, revenue, and expense accounts. |
| General partnership | Partnership with no limited partners. |
| Generally accepted accounting principles (GAAP) | Conventions, rules, and procedures necessary to define accepted accounting practice at a particular time. The highest level of such principles is set by the Financial Accounting Standards Board (FASB). |
| Generally accepted auditing standards (GAAS) | Standards set by the American Institute of Certified Public Accountants (AICPA) which concern the auditor’s professional qualities and judgment in the performance of his or her audit and in the actual report. |
| Gift | A valid transfer of property from one taxpayer to another without consideration or compensation. A gift may be subject to the unified estate and gift transfer tax. |
| Going concern | Assumption that a business can remain in operation long enough for all of its current plans to be carried out. |
| Going private | Movement from public ownership to private ownership of a company’s shares either by the company’s repurchase of shares or through purchases by an outside private investor. |
| Going public | Activities that relate to offering a private company’s shares to the general investing public including registering with the SEC. |
| Goods Available for Sale | The sum of beginning inventory and the net cost of purchases during a period; the total goods available for sale to customers during an accounting period. |
| Goodwill | Premium paid in the acquisition of an entity over the fair value of its identifiable tangible and intangible assets less liabilities assumed. |
| Governing documents | Official legal documents that dictate how an entity is operated. The governing documents of a corporation include Articles of Incorporation and bylaws; a partnership includes the partnership agreement; a trust includes the trust agreement or trust indenture; and an LLC includes the Articles of Organization and operating agreement. |
| Government Accountability Office (GAO) | Accounting and auditing office of the United States government. An independent agency that reviews federal financial transactions and reports directly to Congress. |
| Governmental Accounting Standards Board (GASB) | Group that has the authority to establish standards of financial reporting for all units of state and local government. |
| Grantee | Person to whom property is transferred. |
| Grantor | (1) Person who transfers property. (2) Person who creates a trust. |
| Greenmail | Any amount a corporation pays to a shareholder to directly or indirectly buy back its stock. |
| Gross income | The beginning point for the determination of income, including income from whatever sources derived. |
| Gross margin | The difference between net sales and cost of goods sold. |
| Gross sales | The total amount of sales for cash and on credit accumulated during a specific accounting period. |
| Guaranty | Legal arrangement involving a promise by one person to perform the obligations of a second person to a third person, in the event the second person fails to perform. |