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Attorney General: The chief law officer of the federal or state government, who appears for the people in criminal court.

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

General Warranty Deed: A deed in which the grantor fully warrants good clear title to the premises. Used in most real estate deed transfers, a general warranty deed offers the greatest protection of any deed.

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 Sales Manager (GSM): General Sales Manager of the Foreign Agricultural Service. This office administers the export credit guarantee programs (GSM-102 and GSM-103), the export enhancement program, the P.L. 480 pr . . . View Full Definition

General Real Estate Tax: General real estate taxes are levied to fund the operation of the governmental agency that imposes the taxes.

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

General Revenue: A partnership in which all participants are general partners.