Going 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 company isn’t a going concern (e.g., facing bankruptcy), its financial statements must reflect that reality.
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Gross Book Value
The original cost of a fixed asset before any depreciation is deducted. It reflects the purchase price and installation costs.…
Goods in Transit
Inventory that has been shipped by the seller but not yet received by the buyer. Depending on shipping terms (FOB…
Gross Sales
Gross sale is the total unadjusted sales revenue a business earns before returns, discounts, or allowances. It gives a top-line…
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