Terms starting with
Gross Book Value
The original cost of a fixed asset before any depreciation is deducted. It reflects the purchase price and installation costs. Gross book value is used…
READ MOREGoods in Transit
Inventory that has been shipped by the seller but not yet received by the buyer. Depending on shipping terms (FOB shipping point or destination), the…
READ MOREGross Sales
Gross sale is the total unadjusted sales revenue a business earns before returns, discounts, or allowances. It gives a top-line figure of total activity but…
READ MOREGross Profit
Gross profit is the difference between revenue and the cost of goods sold (COGS). It shows how much money a business makes from its core…
READ MOREGross Margin
Gross margin is a profitability ratio that shows how much of each dollar of sales is left after covering the cost of goods sold. It’s…
READ MOREGross Income
Total earnings before deducting taxes, operating costs, or other expenses. For businesses, it usually equals revenue minus the cost of goods sold. For individuals, it…
READ MOREGoodwill
Goodwill is an intangible asset that arises when a company acquires another for more than the fair value of its net assets. Goodwill reflects brand…
READ MOREGoing Concern
An accounting principle that assumes a business will continue operating for the foreseeable future. It affects asset valuation, debt classification, and financial reporting. If a…
READ MOREGeneral Ledger
General ledger is the master accounting record that contains all financial transactions of a business, organized by account. It includes every debit and credit, forming…
READ MOREGAAP
GAAP is a set of standardized accounting rules, principles, and procedures used in the U.S. to ensure consistency, transparency, and comparability in financial reporting. GAAP…
READ MORE
This website uses cookies to improve your experience. You can accept all or reject non-essential cookies.