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GAAP (generally accepted accounting principles): Authoritative guidelines that define accounting practice at a particular time.

GAAS (generally accepted auditing standards): Auditing standards developed by the AICPA.

generally accepted accounting principles (GAAP): Authoritative guidelines that define accounting practice at a particular time.

generally accepted auditing standards (GAAS): Auditing standards developed by the AICPA.

general-purpose financial statements: The financial reports intended for use by a variety of external groups; they include the balance sheet, the income statement, and the statement of cash flows.

going concern: The idea that an accounting entity will have a continuing existence for the foreseeable future.

goodwill: An intangible asset that exists when a business is valued at more than the fair market value of its net assets, usually due to strategic location, reputation, good customer relations, or similar factors; equal to the excess of the purchase price over the fair market value of the net assets purchased.

gross income: The taxable portion of a taxpayer's gross receipts.

gross margin: The excess of net sales revenue over the cost of goods sold.

gross margin method: A procedure for estimating the amount of ending inventory; the historical relationship of cost of goods sold to sales revenue is used in computing ending inventory.

gross sales: Total recorded sales before deducting any sales discounts or sales returns and allowances.

gross tax liability: The amount of tax computed by multiplying the tax base (taxable income) by the appropriate tax rates.  

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