Accounting Terms-G-H

garnishment
Court judgment ordering a lender to be given part of the wages or salary of a borrower who has defaulted on a loan.

generally accepted accounting principles (GAAP)
The rules and guidelines that certified public accountants (CPAs) use when preparing financial statements.

general partner
A co-owner of a business. General partners receive a share of the business’s profit and are partly responsible for its debts and liabilities.

gift tax
A tax on gifts of cash or property. Gift taxes are paid by the donor.

going concern
Name to describe a business that is in operation and is expected to remain so in the future.

grace period
The period of time during which a loan payment is to be paid. If the payment is not made during the grace period, it is overdue.

grantor
A person who writes a deed passing property from one party to another.

gross estate
The property in an estate before debts, taxes, and other expenses are paid. The net estate is what remains after these expenses are paid.

guarantor
A person or corporation that guarantees a debt will be paid if another party defaults. Guarantors are considered co-endorsers of a debt and are therefore liable for the debt.

H bond
A U.S. government bond, or savings bond.

HH bond
A U.S. government bond, or savings bond. HH bonds are sold in denominations of $500 to $10,000.

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• Accounting Formulas
• Accounting Terms
• Accrual Basis Accounting vs. Cash Basis Accounting
• Analyzing Multifamily Real Estate Investments
• Construction Accounting
• Converting from Cash Basis Accounting to Accrual Basis Accounting
• How to Be a Good Bookkeeper
• How to Compare Rental Property Investments
• Protecting Your Business From Embezzlement
• Tracking Rental Property with Quicken Software