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Accounting Terminology
GAAP (generally accepted accounting principles): Authoritative guidelines that define accounting practice at a particular time.

GAAS (generally accepted auditing standards): Auditing standards developed by the AICPA.

Generally Accepted Accounting Principles (GAAP): Authoritative guidelines that define accounting practice at a particular time.

Generally Accepted Auditing Standards (GAAS): Auditing standards developed by the AICPA.

General-Purpose Financial Statements: The financial reports intended for use by a variety of external groups; they include the balance sheet, the income statement, and the statement of cash flows.

General Ledger: A record containing the accounts needed to reflect the financial position and the results of operations of a business. In double-entry bookkeeping, the debits and credits in the general ledger are equal.

Going Concern: The idea that an accounting entity will have a continuing existence for the foreseeable future.

Goodwill: An intangible asset that exists when a business is valued at more than the fair market value of its net assets, usually due to strategic location, reputation, good customer relations, or similar factors; equal to the excess of the purchase price over the fair market value of the net assets purchased.

Gross Income: The taxable portion of a taxpayer's gross receipts.

Gross Loss: The balance of the trading account assuming it has a debit balance.

Gross Margin: The excess of net sales revenue over the cost of goods sold.

Gross Margin Method: A procedure for estimating the amount of ending inventory; the historical relationship of cost of goods sold to sales revenue is used in computing ending inventory.

Gross Profit: The balance of the trading account assuming it has a credit balance.

Gross Sales: Total recorded sales before deducting any sales discounts or sales returns and allowances.

Gross Tax Liability: The amount of tax computed by multiplying the tax base (taxable income) by the appropriate tax rates.