Terms starting with
Gain on Sale of Asset
Gain on Sale of Asset refers to the profit realised when a fixed asset is sold for more than its book value. The gain is…
READ MOREGreen Accounting
Green accounting, or environmental accounting, integrates environmental costs into financial reporting. It tracks expenses and benefits related to sustainable practices, resource consumption, pollution control, and…
READ MOREGratuity
Gratuity is a statutory payment made by employers to employees as a reward for long-term service. It is typically paid at the time of retirement,…
READ MOREGross Fixed Assets
Gross fixed assets represent the total value of a company’s tangible assets before depreciation. This includes buildings, machinery, vehicles, and equipment used for business operations.…
READ MOREGrant Accounting
Grant accounting involves tracking, managing, and reporting funds received through grants, typically from governments, institutions, or non-profits. It ensures that funds are used according to…
READ MOREGross 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…
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