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GLOSSARY OF TERMS

A  B  C  D  EF  GH  I  JKL  MN  OP  QR  ST  UVWXYZ

  GAAP

Abbreviation for generally accepted accounting principles. Accounting principles that have been given formal recognition or authoritative support.

  GAAS

Abbreviation for generally accepted auditing standards. Auditing standards that have been given formal recognition or authoritative support.

  General Journal

Journal in which transactions are recorded for which specific journals are not provided (for example, adjustments and corrections). In a small operation the general journal may be the only book of original entry.

  General Ledger

Ledger in which all the assets, liabilities, equity, revenue and expenses are posted and from which financial statements are prepared.

  Goodwill

The difference between going-concern value and tangible asset value (tangible assets include identifiable intangible assets having values that can be separately determined).

  Holding Company

A corporation that has no other function except owning other corporations.

  Home Equity Loan

Loan in which the lender allows the borrower to use the equity in his or her home as collateral for a line of credit or revolving credit. The borrower may then obtain cash advances by using a credit card or checks up to some predetermined limit.

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