A new addition to the Penguin reference list, The Penguin Dictionary of Accounting focuses on financial reporting with coverage of the relevant terms in tax, auditing and management accounting. The British-based book includes important US differences and analyses all terms used in International Accounting Standards, providing a broad international outlook. The Penguin Dictionary of Accounting is an essential read for the student and businessperson alike.
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Sometimes used to refer very loosely to the amount of cash coming into or out of a business in a particular period. However, it can be used as a more precise accounting term, particularly in North America, to refer to net profit with depreciation charges added back. The latter will have been deducted in the calculation of the former, but is not, of course, a cash payment of the period in question.
The worth of a business in accounting terms, as measured from its balance sheet, i.e. it is the total of all the assets, less the liabilities that are owed to outsiders. Naturally, this total equals the shareholders' equity.
VALUE ADDED TAX
A multi-stage sales tax paid by suppliers but borne, at least partly, by consumers in terms of higher prices. Each time that goods or services move from one supplier to the next, or to the final customer, the tax is levied. However, in general, the tax to be paid by a supplier to the tax authorities can be reduced by the tax suffered by the supplier in his capacity as a purchaser.
Christopher Nobes is the PricewaterhouseCoopers Professor of Accounting at Reading University. He is on the board of the Association of Chartered Certified Accountants (ACCA) and is the author of The Economist Pocket Accounting Book. He lives in Kensington, London.
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Book Description Penguin Global, 2003. Paperback. Book Condition: New. book. Bookseller Inventory # 0140514880
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