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Invoice Factoring Glossary by Alpha
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Generally Accepted Accounting Principles (GAAP)
Authoritative guidelines that establish and govern accounting procedures and practices at a particular time.
Generally Accepted Auditing Standards (GAAS)
Standards established by the AICPA that govern the procedures and practices of audits.
Going Concern
The liklihood that a company will have a continuing existence for the foreseeable future.
Goodwill
An intangible asset that exists when a business is valued at more than the fair market value of its net assets, usually due to strategic location, reputation, good customer relations, or similar factors; equal to the excess of the purchase price over the fair market value of the net assets purchased.
Guaranteed Sales
Sales that allow the return of merchandise purchased at the customer's discretion.
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