GAAP
Generally Accepted Accounting Principles in the United States of America
.
GAAS
Generally Accepted Auditing Standards in the United States of America
.
GASB
Government Accounting Standards Board. A non-government private organization
that sets GAAP in the United States for governmental entities.
Generalized audit software
A computer program or series of programs designed to perform certain
automated functions. These functions include reading computer files,
selecting data, manipulating data, sorting data, summarizing data,
performing calculations, selecting samples and printing reports or
letters in a format specified by the IS auditor. This technique includes
software acquired or written for audit purposes and software embedded
in production.
General controls
Policies and procedures to assure proper operation of computer
systems, including controls over data center and network operations,
software acquisition and maintenance, and access security.
General journal
A book of original entry in a double-entry system. The journal
lists transactions and indicates accounts to which they are posted.
The general journal includes all transactions not included in specialized
journals used for cash receipts, cash disbursements, and other common
transactions.
General ledger
A record to which monetary transactions are posted (in the
form of debits and credits) from a journal. It is the final record
from which financial statements are prepared. General ledger accounts
are often control accounts that report totals of details included
in subsidiary ledgers.
Going concern assumption
Assumes the company will continue in operation long enough
to realize its investment in assets through operations (as opposed
to sale). Presenting assets at historical cost is justified by assuming
productive assets will be used rather than sold. This makes market
values irrelevant and supports accounting methods that match the actual
cost of an asset to periods benefited.
Gross
margin percentage
The gross margin from an income statement divided by net
sales revenue.
Back to top
