GAAP - See GENERALLY ACCEPTED ACCOUNTING PRINCIPLES.
GAAS - See GENERALLY ACCEPTED AUDITING STANDARDS.
Gain - Excess of REVENUES received over costs
relating to a specific transaction.
GAO - See GENERAL ACCOUNTING OFFICE.
GASB - See GOVERNMENTAL ACCOUNTING STANDARDS
BOARD.
General Accounting Office (GAO) - Accounting and
auditing office of the United States government. An
independent agency that reviews federal financial
transactions and reports directly to Congress.
General Ledger - Collection of all ASSET,
LIABILITY, owners EQUITY, REVENUE, and expense accounts.
General Partnership - PARTNERSHIP with no limited
partners. (See LIMITED LIABILITY PARTNERSHIP and LIMITED
PARTNERSHIP.)
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 are 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.
Going Concern - Assumption that a business can
remain in operation long enough for all of its current
plans to be carried out.
Going Public - Activities that relate to offering
a private company's shares to the general investing
public including registering with the SEC.
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.
Governmental Accounting Standards Board (GASB) -
Group that has 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.
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.
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