Related Words

General Recourse: Rights to demand payment from the general assets of the debtor, without seniority in access to any specific assets.

Honey Recourse Loan Program: A program authorized by the emergency provisions of the FY1999 USDA appropriations act (P.L. 105-277, October 21, 1998) that makes recourse loans based on a national average rate of $0.56 pe . . . View Full Definition

Generally Recognized As Safe (GRAS): A regulatory category created for a group of food additives that were exempted from the more rigorous regulatory requirements for food additives in the 1958 Food Additives Amendment to the F . . . View Full Definition

Limited Recourse: Rights only to specifically stipulated assets to satisfy an unpaid debt.

Limited-Tax General Obligation Bond: A general obligation bond of a government backed by specified or constrained revenue sources.

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

Generally Accepted Accounting Principals (GAAP): The sum of taxes, charges, and miscellaneous income taken in at the state and local level while neglecting overlapping revenue which may be erroneously counted twice.

General-Purpose Financial Statements: The financial reports intended for use by a variety of external groups: they include the balance sheet, the income statement, and the statement of cash flows.

Generalist: A species that can live in many different habitats and can feed on a number of different organisms. For example, shore crabs on the Pacific coast live in a wide variety of habitats, such as . . . View Full Definition

Generalized System Of Preferences (GSP): First authorized by the Trade Act of 1974, GSP allows some 140 developing countries to ship more than 3,000 products to the United States duty-free. This helps developing countries to genera . . . View Full Definition