What Is the Zambian Kwacha (ZMK)? The Zambian kwacha (ZMK) is the official legal tender and national currency of the Republic of Zambia, issued by the country’s central bank, the Bank of Zambia. The Zambian kwacha derives its name from the word for “dawn” in the Nyanja language, and is subdivided into 100 ngwee but steady
What Is the Group of 20 (G-20)? The Group of 20, also called the G-20, is a group of finance ministers and central bank governors from 19 of the world’s largest economies, including those of many developing nations, along with the European Union. Formed in 1999, the G-20 promotes global economic growth, international trade, and regulation of
What Is the Group of 24 (G-24)? The G-24 is a group of developing countries that was established in 1971. Its goal is to work together to coordinate the positions of developing countries on international monetary and development finance issues. The G-24 countries also work together to ensure that their interests are adequately represented in
What Is a G7 Bond? A G7 Bond is a government bond issued by a member nation of the Group of Seven (G7). The G-7 countries are all developed economies with very highly-rated sovereign debt and so these bonds are considered to be among the world’s safest investments. G-7 countries include the U.S., U.K. Canada
What Are the Generally Accepted Accounting Principles (GAAP)? Generally accepted accounting principles (GAAP) refer to a common set of accounting rules, standards, and procedures issued by the Financial Accounting Standards Board (FASB). Public companies in the U.S. must follow GAAP when their accountants compile their financial statements. GAAP is guided by ten key tenets and
What Are Generally Accepted Auditing Standards (GAAS)? Generally accepted auditing standards (GAAS) are a set of systematic guidelines used by auditors when conducting audits on companies’ financial records. GAAS helps to ensure the accuracy, consistency, and verifiability of auditors’ actions and reports. The Auditing Standards Board (ASB) of the American Institute of Certified Public Accountants (AICPA)
What Are GAFAM Stocks? GAFAM is an acronym for five popular U.S. tech stocks: Google (Alphabet), Apple, Facebook (Meta), Amazon, and Microsoft. GAFAM is quite close to, but nonetheless different than, the more popular FAANG acronym which collectively indicates U.S. technology stocks: Facebook, Apple, Amazon, Netflix, and Google. In the latter, Netflix takes the place of Microsoft. Key Takeaways GAFAM
G. Allen Andreas Jr. is a former chief executive officer and board member of the Archer Daniels Midland Corporation, an agricultural origination and processing company based in Chicago, Illinois. Key Takeaways G. Allen Andreas Jr. was the CEO of agribusiness leader, Archer Daniels Midland Corporation. Andreas joined ADM in 1973 as an attorney. He is
What Is a Gallerist? A gallerist is an owner or operator of an art gallery. Gallerists buy and sell artworks, and often focus on higher-end pieces that carry premium prices. The job responsibilities range from the technical—such as how to display artworks—to operational, such as keeping the gallery running properly. Key Takeaways A gallerist is an owner or
What Is the Gambler’s Fallacy? The gambler’s fallacy, also known as the Monte Carlo fallacy, occurs when an individual erroneously believes that a certain random event is less likely or more likely to happen based on the outcome of a previous event or series of events. This line of thinking is incorrect, since past events do
