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Simple English definitions for legal terms
G & A
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A quick definition of G & A:
Expense: Spending money, time, or resources to achieve a goal, especially in business. An expense is a cost that a business incurs during a specific period, which can be charged against revenue. Some expenses, like those for operating and promoting a business, are tax-deductible, while others, like capital expenses, are not. Examples of expenses include salaries, rent, utilities, legal and accounting services, medical treatment, and travel costs.
A more thorough explanation:
G & A
G & A stands for General Administrative Expense, which is an expense incurred in running a business, such as executive and clerical salaries, rent, utilities, and legal and accounting services. It is a type of overhead expense that is different from expenses incurred in manufacturing or selling. G & A is also known as administrative expense or general expense.
- Executive and clerical salaries
- Rent
- Utilities
- Legal and accounting services
For example, if a company has a team of executives and administrative staff who manage the day-to-day operations of the business, their salaries and benefits would be considered G & A expenses. Similarly, if the company rents office space or pays for utilities like electricity and water, those costs would also be classified as G & A expenses. Legal and accounting services, such as hiring a lawyer to review contracts or an accountant to prepare tax returns, would also be considered G & A expenses.