Glossary of Terms
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- General journal:
- The simplest and most flexible type of journal.
- General ledger:
- The book or file that contains all or groups of the company’s accounts, arranged in the order of the chart of accounts.
- General ledger software:
- The computer programs that direct the computer to carry out the major accounting functions.
- Generally accepted accounting principles (GAAP):
- The conventions, rules, and procedures that defined accepted accounting practice at a particular time.
- General-purpose external financial statements:
- The medium through which information gathered and process in the accounting system periodically is communicated to investors, creditors, and other interested parties outside the business.
- Going concern:
- The assumption, unless there is evidence to the contrary, that the business entity will continue to operate indefinitely.
- Goods available for sale:
- The total goods available for sale to customers during the year; beginning merchandise inventory plus net purchases.
- Goods flow:
- The actual physical movement of goods in the operation of the company.
- Governmental Accounting Standards Board (GASB):
- The board responsible for issuing accounting standards for state and local governments.
- Gross margin from sales:
- The revenues from sales remaining after deducting the cost of good sold. Also called gross margin or gross profit.
- Gross method:
- The system of recording purchases initially at the gross purchase price.
- Gross profit method:
- A method of inventory estimation that assumes the ratio of gross margin for a business remains relatively stable from year to year.
- Gross sales:
- Total sales for cash and on credit during an accounting period.