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 GOVERNMENT ACCOUNTABILITY OFFICE.

GASB - See GOVERNMENTAL ACCOUNTING STANDARDS BOARD.

General Ledger - Collection of all ASSET, LIABILITY, owners EQUITY, REVENUE, and expense accounts.

General Partnership - PARTNERSHIP with no limited partners. (See LIMITED LIABILITY 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.

Government Accountability Office (GAO) - Accounting and auditing office of the United States government. An independent agency that reviews federal financial transactions and reports directly to Congress.

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.

Head of Household - An individual entitled to special tax rates that fall midway between single rates and married filing joint rates, if they fit the qualifying profile.

Hedge - A financial term for a specific type of commodities planning and trading.

Historical cost - Original cost of an asset to an entity.

Holding Period - The time in which a taxpayer acquires property and the date on which it is sold.

Hope Scholarship Credit - A maximum allowable credit of $1,500 per student for each of the first 2 years of post-secondary education. It is allowable after all additional requirements are met.

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