Glossary of Accounting Terms

Instructions: Enter a search word or term and click go or click on a letter or number below. Click italicized words in definitions to pop up a definition of the italicized word.

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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 Libility 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.

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 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.

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. (Also see Adjusted Gross Income .)

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.

* Definitions courtesy of the New York State Society of CPAs

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