Glossary

Glossary-In Alphabetical Order

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There are 1 names in this directory beginning with the letter G.
G
GAAP:Abbreviation for generally accepted accounting principles.Generally Accepted Accounting Principles: Those accounting principles which have been established in a particular jurisdiction by formal recognition by a standard-setting body, or by authoritative support or precedent.Going Concern AssumptionGoing Concern Concept:The accounting concept that a business will continue in operation indefinitely and that assets are therefore valued on the basis of continued use as distinct from market or liquidation value.Goodwill:An intangible asset of a business when the business has value in excess of the sum of its net identifiable assets. Goodwill arises from anticipated earning power attributable to factors such as favourable record of management performance or relations with customers, employees or creditors. Goodwill is not recorded unless paid for.