We develop and prove the analogs of some results shown in [Berenstein A., Fomin S., Zelevinsky A., Duke Math. J. 126 (2005), 1-52] concerning lower and upper bounds of cluster algebras to the generalized cluster algebras of geometric type. We show that lower bounds coincide with upper bounds under the conditions of acyclicity and coprimality. Consequently, we obtain the standard monomial bases of these generalized cluster algebras. Moreover, in the appendix, we prove that an acyclic generalized cluster algebra is equal to the corresponding generalized upper cluster algebra without the assumption of the existence of coprimality.