| GAAP |
Abbreviation for generally accepted accounting principles. GAAP, by definition, have been given formal recognition, or authoritative support. |
| GAAS |
Abbreviation for generally accepted auditing standards. GAAS, by definition, have been given formal recognition, or authoritative support. |
| General Journal |
Journal in which transactions are recorded for which specific journals are not provided. For example: adjustments and corrections. In a small operation the general journal may be the only book of original entry. |
| General Ledger |
All the financial accounts and statements of a business, including debits, credits and balances. |
| General Partner |
An authorized agent of a partnership and of all other partners for all purposes within the scope and objectives of a business. |
| Gift |
A voluntary transfer of assets, or property, with no compensation. |
| Gift Tax |
A tax levied on assets transferred from one person to another. This tax is paid by the donor. |
| Golden Boot |
The offering of financial incentives or benefits to persuade an older employee to retire early. |
| Golden Handcuffs |
Benefits given to a valued employee to persuade him or her to remain with the company. |
| Golden Parachute |
A benefits package given to top executives who are laid off due to a corporate buyout, or takeover. |
| Goodwill |
The difference between going-concern value and tangible asset value. Tangible assets include identifiable intangible assets with values that can be separately determined. |
| Government Bond |
A debt security issued by the U.S. government: two common types are savings bonds and marketable securities. |
| Grace Period |
A period of time after the due date of a payment during which the overdue payment may be made without penalty, or lapse, in contractual obligations. |
| Gross Estate |
The total dollar value of a person’s assets at the time of death, before taxes and other debts. |
| Gross Income |
Gross income is the total of all receipts and gains minus the inventory cost of the business in a given time period. For example, people who use the barter system are required to include whatever they’ve bartered for as part of their gross income. |
| Gross Monthly Income |
Total monthly income from all sources before taxes and other expenses. |
| Group Life Insurance |
A life insurance policy that insures a group of people. This type of policy is often provided as an employee benefit. |
| Guardian |
An individual who has legal responsibility for a minor child, or a legally incapacitated adult. |
