Glossary

# | A | B | C | D | E | F | G | H | I | L | M | N | O | P | Q | R | S | T | U | V | W | Y | Z | ALL

GAAP (Generally Acceptable Accounting Principles)

GAAP stands for Generally Accepted Accounting Principles. It is a set of accounting standards, guidelines, and procedures that are used to prepare and present financial statements. GAAP is used in the United States and many other countries to ensure that financial statements are prepared consistently and accurately, and can be understood by investors, creditors, and other stakeholders. Complian...

Gross Negligence

Gross negligence refers to a legal concept that describes an individual or organization’s reckless and careless behavior that results in harm or damage to others. In the context of business, gross negligence can include a company’s failure to take reasonable steps to prevent harm to customers, employees, or others affected by its operations. It is a more severe form of negligence than ordinary...

Guarantee

A guarantee is a promise or assurance that a certain outcome or condition will be met or fulfilled. In the context of business and finance, a guarantee is often used to provide security or assurance to another party, such as a lender or investor, that a certain obligation will be met. For example, a parent company may provide a guarantee to a subsidiary’s lender to ensure that the subsidiary ...