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Glossary of Accounting Terms

All A B C D E F G H I J K L M N O P Q R S T U V W Y Z

Index of Accounting Terms - G

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Icon representing a master record of financial accounts
General Ledger Related Terms: GL, Nominal Ledger, Main Ledger What is a General Ledger? A general ledger (GL) is a core set of accounts that summarizes all the transactions occurring within a company.
Icon representing standardized financial rules
Generally Accepted Accounting Principles (GAAP) Related Terms: GAAP, Accounting Standards, Financial Reporting Standards What are Generally Accepted Accounting Principles (GAAP)? A common set of accounting principles, standards, and procedures that companies must follow when compiling their financial statements.
Icon representing the profitability of sales
Gross Margin Related Terms: Gross Profit Margin, Sales Margin What is Gross Margin? A profitability ratio that represents the percentage of revenue remaining after deducting the cost of goods sold.
Icon representing total revenue minus cost of goods sold
Gross Profit Related Terms: Gross Income, Sales Profit What is Gross Profit? The revenue a company generates after subtracting the direct costs associated with producing its goods and services.
Icon representing the percentage of profitable revenue after direct costs
Gross Profit Margin Related Terms: Gross Margin, Sales Margin What is Gross Profit Margin? A profitability metric showing the percentage of revenue left after accounting for the cost of goods sold.
Icon representing the difference between gross and net amounts
Gross vs. Net Related Terms: Before Deductions, After Deductions What is Gross vs. Net? Gross refers to a total amount before deductions, while net refers to the remaining amount after deductions have been subtracted (e.g., gross profit vs. net profit, gross pay vs. net pay).

Accounting and Bookkeeping
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Coco and Cami ask, What is Accounting Software?

Follow Coco and Cami as they realize that keeping track of all their sales, expenses, and customer payments on paper is becoming overwhelming for their growing businesses.

Watch as Professor A introduces Coco and Cami to Accounting and Bookkeeping, explaining how these digital tools can automate their bookkeeping, generate reports, and help them manage their finances more efficiently.

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