Gain (Loss) on Disposal of Assets: The excess of sale proceeds over the net book value (purchase price less accumulated depreciation) of a fixed asset. This is an accounting term, which represents an increase or decrease in equity as a result of the transaction. The actual amount of cash received in the transaction is not equal to the Gain (Loss) on Disposal of Asset. The capital gain calculated for income tax is also calculated differently.

General Ledger: A group of accounts used by a business while recording transactions.

General, Salary & Administrative Expenses: Category on the income statement that includes expenses such as management salaries, office expenses, utilities and rent.

Going Concern: The concept that a business will continue in operation indefinitely and that assets are therefore valued on the basis of their continued use as distinct from their market or liquidation value.

Goodwill: Goodwill is an intangible asset, the value of which is related to the value of a business in excess of the sum of the fair market value of the net assets.

Gross Expenses: The total expenses for operating of the business for the period.

Gross Profit/ Gross Margin: Excess of total revenue over cost of goods sold.

GST: Goods and Services Tax.