Comprehensive Glass Insurance is a specialized type of insurance policy that provides coverage for damage to or loss of glass components within a structure. This type of insurance helps to mitigate the financial burden associated with repairing or replacing glass windows, doors, and other structural glass elements.
The G-10, or Group of Ten, is an advisory forum for the International Monetary Fund (IMF), established in 1962. It consists of finance ministers and central bank governors from 11 key economies, including Canada, France, Germany, Belgium, Italy, Japan, the Netherlands, Sweden, Switzerland, the United Kingdom, and the United States.
A G-Type Reorganization involves the transfer of assets by a corporation in bankruptcy to another corporation, where stocks or securities of the transferee corporation are distributed to shareholders either tax-free or partially tax-free.
A forum of the heads of state or government of the major industrial democracies meeting annually since 1975 to deal with the major economic and political issues facing their domestic societies and the international community as a whole.
A gain refers to an increase in value, measured by the difference between the adjusted tax basis and the selling price. It is a key concept in accounting and finance, encapsulating various types, such as capital gain, realized gain, and recognized gain.
Gain Contingency refers to a potential or pending development that may result in a future gain to the company, such as a successful lawsuit against another company.
Gain sharing is an employee motivational technique where compensation is provided for measurable performance gains in areas such as sales, customer satisfaction, and cost reductions. This compensation is often awarded to employee teams for achieving specified goals.
Gainful Employment or Occupation refers to employment that is suited to the ability of the employed individual, enabling them to earn an income. In the context of disability covered by insurance, it generally pertains to the insured individual's ordinary employment or other employment that approximates the same livelihood, considering their circumstances and physical and mental capabilities.
Galloping inflation is an episode characterized by extraordinarily high inflation rates, leading to significant economic instability.
The Gallup Poll is a longstanding method of gauging public opinion on various issues, originally developed by Dr. George Gallup. The term has evolved to symbolize public opinion polling more generally.
Game Theory is a branch of mathematics and economics that studies strategic interactions where the outcomes depend on the actions of multiple agents, each aiming to maximize their own payoff.
The process of two or more participants attempting to reach conflicting objectives or goals. The process of bidding for contracts is a game. Logically, each participant would bid estimated costs plus some amount for profit. Since only one contract would be awarded, the outcome depends jointly on the actions of all bidders.
Gaming Duty is a tax levied on the profits of a gaming company, imposed in addition to corporation tax. It includes taxes from both traditional and remote gaming activities.
A Gantt chart is a bar chart that represents a project schedule and shows the start and finish dates of various elements of a project. It is a useful tool for project management and planning.
The term 'gap' in finance refers to the amount of financing need for which provision has not yet been made. It can pertain to various scenarios such as funding gaps in project finance or coverage gaps in insurance.
A loan provided to bridge the gap between a floor loan and the total amount of the permanent loan for real estate development, especially during the rent-up period.
A garage sale, also known as a tag sale, is a casual event where individuals sell used or second-hand goods, typically from their homes or garages. These sales are often organized to declutter household items or to raise funds for personal or charitable reasons.
In the context of data processing and computational models, the term 'Garbage In, Garbage Out' (GIGO) denotes the idea that flawed or nonsensical input data will inevitably produce similarly flawed or nonsensical output.
Garden apartments are a type of housing complex that provides tenants with access to a common lawn or garden area, enhancing the living environment with green spaces.
A garnishee is a person, often an employer, who receives notice to retain custody of assets in his control that are owed to or belong to another person, holding the assets until legal proceedings determine who is entitled to the property.
A Garnishee Order, now known as a Third-Party Debt Order, is a legal mechanism used to seize money directly from a debtor's bank account to satisfy a judgment debt.
Garnishment is a legal process by which a creditor seeks to obtain payment from a debtor by taking a portion of the debtor's wages or bank account funds. This is typically done through legal proceedings.
Garnishment is a legal process where a court orders an employer to withhold all or part of an employee's wages, directing the funds to the court or a party that has secured a legal judgment against the employee. This can occur in situations such as divorce settlements or debt repayment.
A tax imposed on the sale, use, or lease of automobiles that do not meet specific fuel economy standards. It applies to vehicles that fail to meet the required fuel efficiency and extends to both imported and domestically produced vehicles.
The Governmental Accounting Standards Board (GASB) is an independent, private-sector organization that sets accounting and financial reporting standards for U.S. state and local governments.
The GE/McKinsey Matrix is a strategic tool used for analyzing the strength of business units within a large diversified corporation. It evaluates units based on industry attractiveness and competitive strength, aiding investment and divestment decisions.
Gearing refers to the relationship between funds provided to a company by ordinary shareholders and long-term funds with a fixed interest charge such as debentures and preference shares. High gearing implies higher fixed charges on debt, impacting investment risk and returns.
In current-cost accounting, a gearing adjustment is a financial modification that reduces the charge to the owners for the effect of price changes on depreciation, stock, and working capital. This adjustment is rationalized by the fact that a part of the extra financing is provided by the loan capital of the business.
Gearing ratios, also known as leverage ratios, measure the relationship between a company's capital structure, particularly its debt and equity. These ratios are crucial for assessing a company's financial stability and risk level.
An enthusiastic computer specialist; a person with an intense interest in computers to the exclusion of other human activities. The term is usually not considered an insult.
Gender analysis involves assessing names on mailing lists to identify which names correspond to male or female individuals, utilizing a database of typically gendered names. This analysis enables tailored marketing efforts based on gender-specific demographics.
The General Accounting Office, now known as the Government Accountability Office, is an independent agency that provides auditing, evaluation, and investigative services for the United States Congress.
The General Agreement on Tariffs and Trade (GATT) was a multilateral treaty created to reduce tariffs and other trade barriers, aimed at promoting international trade and economic cooperation. It was later replaced by the World Trade Organization (WTO) in 1995.
The General Agreement on Tariffs and Trade (GATT) was a legal agreement between many countries, whose overall purpose was to promote international trade by reducing or eliminating trade barriers such as tariffs or quotas.
The General Agreement on Tariffs and Trade (GATT) was a trade treaty aiming to promote international trade by reducing or eliminating trade barriers such as tariffs and quotas. Active from 1948 until 1995, it was replaced by the World Trade Organization (WTO).
General Anti-Abuse Rule (GAAR) is a set of regulations to prevent tax avoidance by disallowing tax benefits from transactions, arrangements, or practices that have no substantial commercial purpose other than to gain a tax advantage.
A measure designed to counter tax avoidance in the UK by outlawing any arrangement that creates a tax advantage through means judged 'artificial and abusive.' The rule evaluates the reasonableness of the arrangements.
In the UK, General Commissioners are an unpaid local body of reputable individuals appointed to hear appeals against income tax, corporation tax, and capital gains tax assessments or related disputes.
A general contractor is an individual or firm responsible for overseeing the construction and management of a building or other improvement projects for an owner or developer, often utilizing subcontractors.
General controls are designed to ensure the proper development, implementation, and operation of applications within computer-based accounting systems, ensuring the integrity of programs and data files.
The General Depreciation System (GDS) is the primary method used for calculating tax depreciation under the Modified Accelerated Cost Recovery System (MACRS). GDS allows for the use of the declining-balance method over short recovery periods.
General Equilibrium Analysis is a complex and systematic theoretical model in economics that includes all markets simultaneously and is used to examine relationships among markets.
A general expense refers to costs incurred during business operations that do not fall under categories such as selling, administrative, or cost of goods sold (COGS). These are typically miscellaneous expenses essential for running a business but not directly tied to core operational sectors.
General expenses are those expenditures by an organization that cannot be conveniently categorized into any other specific cost classifications, encompassing a wide variety of costs essential for business operations.
The General Fund represents the primary operating accounts of a nonprofit entity, such as a government or government agency. It is used to finance regular activities and essential services.
Insurance cover against the occurrence of certain specified events. The most common examples of general insurance relate to the risks of fire, automobile damage or loss, and theft.
The General Journal, often regarded as the book of original entry, is a pivotal element in the accounting process. It is where all financial transactions are initially recorded before they are posted to the ledger accounts. The General Journal includes straightforward and complex entries and serves numerous accounting purposes.
The General Ledger (GL) is a key component of an organization's accounting system, serving as a comprehensive record of all financial transactions made over the life of an organization.
General Liability Insurance provides coverage for an insured when negligent acts and/or omissions result in bodily injury and/or property damage on the premises of a business, when someone is injured as the result of using the product manufactured or distributed by a business, or when someone is injured in the general operation of a business.
A general lien is a legal claim on all the property owned by the debtor, as opposed to a specific property lien, which targets particular assets.
A 'general meeting' is a key event in the corporate calendar, during which the shareholders or members of an organization come together to discuss and vote on various issues concerning the business. It plays a critical role in corporate governance, transparency, and accountability.
A General Obligation Bond (GO Bond) is a type of municipal bond backed by the full faith and credit of the issuing government, which has the authority to levy taxes to repay bondholders.
A general partner is a member of a partnership who has unlimited liability for the partnership's debts and obligations, actively managing and operating the business.
A general partnership is a business arrangement where two or more individuals share ownership and management, and each partner is personally liable for the business's debts and obligations. Income and losses are passed through to the partners.
A general power of appointment allows holders the right to dispose of property in their favor or that of their estate, creditors, or the creditors of their estate. It impacts how a grantor is taxed on the trust income.
A General Power of Attorney grants broad authority to a designated individual, known as the attorney-in-fact or agent, to act on behalf of the principal in all matters.
A power, introduced by the Trustee Act 2000, that allows trustees to make any kind of investment that they could make if they were absolutely entitled to the assets of the trust fund. Previously, trustees were only permitted to make certain authorized investments. There are still some restrictions on investments in land.
The General Price Level is an index that provides a measure of the purchasing power of money. It is used to gauge inflation or deflation in an economy.
General property tax is a levy on property that the owner is required to pay. The tax is based on the value of the property, including land, buildings, and other improvements on the property.
General purpose financial statements are annual accounts and reports prepared by companies to serve the needs of a wide range of users, often regarded as compromise documents.
A comprehensive overview of general retirement systems, including pension and annuity funds established by states or political subdivisions for their employees.
In state and local governments, 'General Revenue' refers to the total revenue received, excluding revenue from utilities, sales of alcoholic beverages, and insurance trusts.
The General Services Administration (GSA) is a federal government agency responsible for purchasing and managing property occupied by other federal government agencies. It plays a crucial role in providing products, services, and facilities to enable federal agencies to efficiently fulfill their missions.
The General Services Administration (GSA) is an independent agency of the United States federal government established in 1949 to help manage and support the basic functioning of federal agencies.
A coordinated national, regional, or municipal work stoppage employed to pressure management or the government into agreeing to contract terms, resolving grievances, or recognizing a union.
A general tax lien is a legal claim by a government entity against a taxpayer's assets for unpaid tax liabilities, affecting all of the taxpayer's property.
A General Warranty Deed is a legal document used in the transfer of ownership of real property, where the grantor guarantees the grantee a clear title free from any claims or encumbrances, both during and before the grantor's ownership.
A generalist is an individual who possesses a wide array of skills, interests, and knowledge across various fields or whose job responsibilities span multiple domains. This contrasts with a specialist, who focuses narrowly on a particular area of expertise.
Generally Accepted Accounting Principles (GAAP) are a common set of accounting principles, standards, and procedures that companies must follow when they compile their financial statements. GAAP’s objective is to ensure that financial reporting is transparent and consistent from one organization to another.
Conventions, rules, and procedures that define accepted accounting practice, including broad guidelines as well as detailed procedures, ensuring consistency and transparency in financial reporting.
US GAAP refers to the accounting rules, standards, and concepts that guide US accountants in measuring, recording, and reporting financial transactions.
Generally Accepted Auditing Standards (GAAS) are a set of systematic guidelines used by auditors when conducting audits on companies' financial statements. These standards ensure the accuracy, consistency, and verifiability of auditors' actions and reports.
An overview of the Generally Accepted Auditing Standards (GAAS) set by the Auditing Standards Board of the American Institute of Certified Public Accountants (AICPA), detailing the three General Standards, three Field Work Standards, and four Standards of Reporting.
A Generation-Skipping Transfer (GST) involves the transfer of financial assets or property to a recipient who is more than a single generation removed from the transferor, potentially incurring the generation-skipping tax (GSTT).
The term 'generic' can be used in various contexts such as to describe something that relates to or covers an entire class or category. In marketing, it often refers to a whole product or service category without any specific brand association.
A generic appeal in advertising focuses on promoting an entire product category rather than a specific brand. For example, the American Dairy Association's campaign encouraging the consumption of milk doesn't spotlight any particular milk brand.
A broad group of buyers with approximately the same general needs, who can choose from different sellers offering varying ways to satisfy those needs.
Generic products are plainly labeled, unadvertised products, which often include items such as prescription drugs and grocery items. They are typically more affordable, often costing up to 40% less than national brands.
Genetic engineering refers to the techniques by which genetic material can be altered to change or improve the hereditary properties of microorganisms, plants, and animals.
Gentrification refers to the process by which higher-income individuals displace lower-income residents in a neighborhood, often occurring when an older area undergoes revitalization.
A principle in tax law that allows for a transaction to be excluded from certain anti-avoidance provisions if it was undertaken for legitimate business purposes rather than for tax evasion or avoidance.
Geodemography involves attributing demographic characteristics to a group of individuals residing in the same geographic area through an overlay of demographic survey data against a geographically segmented list.
A divisional unit within an organization structured on the basis of its operational location, allowing for localized decision-making and management.
A Geographic Information System (GIS) is a computer mapping program that allows users to visualize, analyze, and interpret location-based data. By using color-coding and overlays of land characteristics and demographic information, GIS enables the efficient determination of various business activities and demographic trends.
Geographic segments refer to specific geographical areas, typically countries or groups of countries, where a company operates. According to International Financial Reporting Standard (IFRS) 8, companies must disclose certain financial data for each geographic segment in their financial statements.
Geographic Segmentation is a customer market classification strategy based principally on geographic location, facilitating targeted marketing and enhanced customer satisfaction.
The geometric mean is a measure of central tendency obtained by multiplying all the numbers in a set together and then taking the *n*th root of the resulting product, where *n* is the total number of values in the set.
A GI Loan, also known as a VA Loan, is a mortgage loan provided by private lenders and partially guaranteed by the Veterans Administration (VA) to eligible veterans, service members, and their families. It is designed to offer long-term financing to American veterans or their surviving spouses.
GIF is a data compression format used for transferring graphic images, primarily on the Internet. This format was initially created by CompuServe and is known for its .gif file extension.
A gift is a voluntary transfer of property or assets from one individual to another without receiving anything of value in return. This can have implications for both the donor and the recipient under tax laws.
Gift Aid is a UK tax incentive system that allows individuals and companies to donate money to charities and for the charities to reclaim the basic rate tax from the government on the donation's value, increasing the money going to the charity.
A gift card is a type of gift certificate in the form of a card into which value can be encoded. It is used much like a credit card for the purchase of consumer goods and services, up to the limit of stored value.
Gift causa mortis is a transfer of property made by a person facing impending death to a donee, which becomes effective upon the donor's death but can be revoked if the donor survives.
A gift deed is a legal document used to voluntarily transfer ownership of property from one person (the donor) to another (the donee) out of love and affection, without any material consideration involved.
A gift inter vivos refers to the transfer of property from a donor to a donee during the donor's lifetime, made without any consideration or compensation. The donor thereby relinquishes all control or ownership over the gifted property.
Gift splitting is a tax strategy that allows a married couple to combine their individual annual gift tax exclusions and unified estate and gift tax credits, enabling them to give a larger gift to a recipient without incurring gift tax liability.
The gift tax is a graduated excise tax levied on the donor of a gift by the federal government and most state governments, which comes into play when assets are transferred from one person to another.
Gift Tax Exclusion allows taxpayers to give away a certain amount of money or property without having to pay federal gift tax on the transfer. The annual exclusion amount was $13,000 per donee in 2011, indexed for inflation.
A gift with reservation is a type of gift where the donor retains some benefit from the asset despite having transferred ownership to another party. This concept is pertinent in taxation and estate planning.
Gifts made during an individual's lifetime, which have specific implications for inheritance tax based on their amount, occasion, and recipient.
