-
GAAP
is Generally Accepted Accounting
Principles or Generally Accepted Accounting Procedures (less common).
See GENERALLY ACCEPTED ACCOUNTING
PRINCIPLES.
-
GAIN
is: a. the amount by which the revenue of a business
exceeds its cost of operating; b. rise in rate or price; c. earn on some
commercial or business transaction; d. earn as salary or wages.
-
GAO
is the investigative arm of the
United States Congress charged with examining matters relating to the
receipt and payment of public funds.
-
GARBAGE IN, GARBAGE OUT (GIGO)
is an
often used computer and software industry saying meaning that if the data
going into a system is suspect, the resulting data output will be suspect.
-
GARNISH
is to take a debtor's wages
under a legal order, e.g. for child support or an IRS tax liability.
-
GASB
-
GASB 34
is Government Accounting Standards
Board Statement 34. GASB 34 provides the broadest changes in government
accounting practices since the inception of Generally Accepted Accounting
Practice (GAAP) for governmental agencies dating back to the 1930s. The
principal change that GASB 34 requires of government entities is the
reporting of the value of capital assets on Consolidated Annual Financial
Reports (CAFR).
-
GATT (GENERAL AGREEMENT ON TARIFFS AND TRADE)
is a multilateral treaty that aims to reduce trade barriers and increase
trade. The GATT was an interim treaty process that has now culminated
in the World Trade Organization (WTO).
-
GBP
is United Kingdom Pound Sterling
(Currency Code).
-
GDP
see GROSS DOMESTIC PRODUCT.
-
GENERAL ACCOUNTING
involves
the basic principles, concepts and accounting practice, recording, financial
statement preparation, and the use of accounting information in management.
-
GENERAL EXPENSE
is expense not directly
connected with any single department.
-
GENERAL JOURNAL
is the most basic of
journals. It is a chronological list of transactions. It has a very specific
format for recording each transaction. Each transaction is recorded separately
and consists of: 1.) a date; 2.) any and all accounts to receive a debit
entry are listed first with an amount in the appropriate column, then;
3.) any and all accounts to receive a credit entry are indented and listed
next with an amount in the appropriate column; 4.) a clear description
of the transaction. At least one line is then skipped to visually separate
recorded transactions.
-
GENERAL LEDGER
see LEDGER.
-
GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP)
is a recognized common set of accounting principles, standards, and procedures.
GAAP is a combination of accepted methods of doing accounting and policy
board set authoritative standards.
-
GENERALLY ACCEPTED AUDITING STANDARDS (GAAS)
,
in the US, are the broad rules and guidelines set down by the Auditing
Standards Board of the American Institute of Certified Public Accountants
(AICPA). In carrying out work for a client, a certified public accountant
would apply the generally accepted accounting principles (GAAP); if they
fail to do so, they can be held to be in violation of the AICPA's code
of professional ethics.
-
GEOGRAPHICAL SEGMENT
is a component
of an enterprise that (a) provides products and services within a particular
economic environment and (b) that is subject to risks and returns that
are different from those of components operating in other economic environments.
-
GFOA
is Government Finance Officers'
Association.
-
GI
, among others, is an acronym for:
Government Issue, General Increase, General Information, or General Issue.
-
GIFTS-IN-KIND
are non-cash gifts of
tangible or intangible property. Tangible property can fall into two
distinct categories, and its value is derived from its physical existence:
1. objects, such as equipment, software, automobiles, printed materials,
etc.; or, 2. services, such as providing photography services. Intangible
personal property is property whose value stems from intangible elements,
e.g. patents and copyrights.
-
GILT
is a bond issued by the UK government.
Gilts are equivalent to a U.S. Treasury security.
-
GLOBAL BOND
is a bond issued and traded
outside the country whose currency it is denominated in, and outside
the regulations of a single country; usually a bond issued by a non-European
company for sale in Europe; also called Eurobond.
-
GLOBAL CUSTODY
is a term used within
the investment banking industry in defining securities/monetary instruments
that are traded internationally by Global Custodians. Those securities
would be held in "Global Custody". Chase Bank originated the
concept of providing Global Custody trading services for institutional
investors trading in foreign markets in 1974. Banks recognized as Global
Custodians provide their customers with Global Custody services in respect
to securities traded and settled not only in the country in which the
Global Custodian is located but also in numerous other countries throughout
the world.
-
GLOBAL FUND
is a (mutual) fund that
can invest in companies located anywhere in the world, including the
home country, e.g. the United States. Whereas, an International Fund
is a (mutual) fund that can invest only outside the home country.
-
GLOBALIZATION
is the name for the process of increasing
the connectivity and interdependence of the world's markets and businesses.
In its literal sense, globalization is a social change, an increased
connectivity among societies and their elements due to transculturation;
the explosive evolutions of transport and communication technologies
to facilitate international cultural and economic exchange are examples
of globalization.
-
GMP
is either Good Manufacturing Practice(s)
or Gross Maximum Price.
-
GMROI
is an acronym for Gross Margin
Return On Investment (retail).
-
GNP
see GROSS NATIONAL PRODUCT.
-
GOAL
is the milestone the organization
aims to achieve that evolves from strategic issues or operational
improvement planning. They transform
strategic issues into specific performance targets that impact the entire
organization, or operational improvement that is more localized in
nature. They can be qualitative or quantitative. Dependent upon
usage, GOALS are general in nature, while OBJECTIVES are specific, measurable
and time-based. In some organizations, the meanings for GOAL and OBJECTIVE
are reversed.
-
GOING CONCERN CONCEPT
is the underlying
assumption that any accountant makes when he prepares a set of accounts.
That the business under consideration will remain in existence for the
foreseeable future.
|
Homepage 
Financial Dictionary
G
