Gain
When the sales price of a fixed asset exceeds the fixed asset's book value.
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General expenses
Indirect expenses as opposed to direct expenses.
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General journal
The primary journal or place to record transactions that do not fit in any other journal.
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General ledger
All the primary accounts contained in a full set of financial statements.
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Generally Accepted Accounting Principles
A document put forth by FASB that outlines the standards and principles required by full accrual accounting.
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Going concern
One of the six basic assumptions of accounting information. The assumption that the business has continuity and is not likely to stop tomorrow.
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Goods
Tangible products either purchased or produced by an entity.
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Goods in process
1) In manufacturing, it is raw materials inventory that are being worked on. 2) The stage of progress before finished goods inventory.
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Goodwill
An identifiable tangible asset, the superior earnings of an entity. The excess value of a company over its net assets, goodwill is recorded as an asset only if it was purchased.
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Gross
An amount before any deductions.
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Gross profit
The amount remaining after cost of sales is subtracted from sales revenue.
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Gross sales
Revenue before any deductible expenses.
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Grunt work
Slang for low paying, mindless or tedious work.
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