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Transportation and Business Terms

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1. GAAP: See Generally Accepted Accounting Principles.

2. GAAS: See Generally Accepted Auditing Standards.

3. GCW: Gross Combination Weight (See Gross Vehicle Weight).

4. general freight carrier: A carrier which handles a wide variety of commodities in standard trailers. Such carriers can provide truckload or less-than-truckload service.

5. Generally Accepted Accounting Principles (GAAP): Uniform minimum standards of and guidelines to financial accounting and reporting. Currently, the Financial Accounting Standards Board (FASB), the Governmental Accounting Standards Board (GASB) and the Federal Accounting Standards Advisory are authorized to establish these principles.

6. Generally Accepted Auditing Standards (GAAS): Auditing standards developed by the AICPA.

7. gold standard: An international monetary system in which currencies are defined in terms of their gold content, and payment imbalances between countries are settled in gold. It was in effect from about 1870 to 1914.

8. golden parachute: Compensation paid to top-level management by a target firm if a takeover occurs.

9. 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.

10. grandfather clause: A provision included in a new rule or regulation that exempts a business that is already conducting business in the area addressed by the regulation from penalty or restriction.

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