Glossary
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GAAPGenerally accepted accounting principles approved by DCA, ICAI, SEBI, RBI, CAG and IASB
GDPA measure of the total production of final goods and services in the economy during a year.
General agency system In a marketing organization, a person is an exculsive incharge of a territory for all marketing activity.
General average In marine insurance, a loss incurred for the common good of all stakeholders and is shared by all.
Geometric Meannth root of the product resulting from multiplying a series of return relatives minus one.
Gilt schemesA government security scheme invests only in government bonds
Grace Period A specified time period after the due date for payment of premium, allowing the policyholder to make the payment as the policy continues without any break during this period.
Grace period A certain period when the policyholder pays overdue life insurance premium without causing the policy to lapse.
GratuityIt is a retirement benefit and is paid at the cessation of employment or retirement. Different schemes for Govt. and other employees are in practice. Tax treatment also differs.
Gross Total IncomeComputed on the following heads of account as per sections 80C - 80U of ITA: (i) Income from Salaries (ii) Income from house property (iii) Profits and gains of business or profession less expenditures.(iv) Capital gains (v) Income from other sources
Group Insurance A single master policy containing the particulars of insurance cover involving a number of people issued generally to the employer or the association to which they are affiliated.
GuardianHe will normally act after the death of the surviving spouse but can act jointly with the spouse in certain circumstances. He is responsible to provide support to the Children, and look after their health and education.