A computer virus is a type of malicious software program ('malware') that, when executed, replicates by inserting copies of itself into other computer programs, data files, or the boot sector of the hard drive. The term 'virus' is also commonly, but erroneously, used to refer to other types of malware, including adware and spyware programs that do not have a reproductive ability.
The Department of Veterans Affairs, formerly known as the Veterans Administration, is a government agency that provides various services to discharged servicemembers, including healthcare, benefits, and loans.
In current-cost accounting, the deprival value of an asset corresponds to the lower value between its replacement cost and its recoverable amount, which is the higher value between its net realizable value and net present value.
Describes the grounds on which a subsidiary undertaking may be excluded from the consolidated financial statements of a group because the group's interest in the subsidiary is held exclusively with a view to subsequent resale.
A substantive test in auditing is employed to verify the existence, ownership, and valuation of assets and liabilities, often used to perform a balance-sheet audit or gather general audit evidence.
A V-shaped recovery refers to a sharp rebound in economic activity where the economy experiences a steep decline followed by a rapid and vigorous recovery, typically measured by gross domestic product (GDP) growth.
A VA Loan is a home loan provided under the Servicemen's Readjustment Act of 1944 and later legislation, guaranteed by the U.S. Department of Veterans Affairs (VA) for eligible veterans and service members. It ensures lenders are compensated in the event of borrower default.
VA Mortgage, or Veterans Affairs Mortgage, is a home loan program provided by the U.S. Department of Veterans Affairs to help veterans, active-duty service members, and eligible surviving spouses buy, build, repair, retain, or adapt a home for personal occupancy.
In real estate and property management, vacancy refers to the state of a property that is unoccupied. A vacant building or unit is one that is presently empty and not leased or rented out.
Vacancy rate is a key metric used in real estate to measure the percentage of all units or space that is unoccupied or not rented. It is essential for estimating potential income and making informed investment decisions.
Vacant land refers to land not currently being used for developed purposes. It might have utilities and off-site improvements but lacks significant buildings or structures.
Understanding the different applications of the term 'vacate' in real estate, law, and other contexts.
A vacation home is a dwelling that owners use occasionally for recreational or resort purposes. It may be rented to others for part of the year and the income tax deductions depend on the frequency of owner use.
Vacation pay refers to the compensation provided to employees during their vacation leave. It can also include amounts paid even if the employee opts not to take a vacation.
A term used to indicate that an agreement or a legal document is legally binding, sufficient, and authorized by law.
A financial term often used to describe a low point in economic activity, as seen in a 'trough' in the business cycle.
Valuable consideration refers to any promised payment or benefit that can be legally enforced by a promisee against an unwilling promisor, typically involving money, extension of time, or other economic equivalents.
Valuation is the process of determining the current worth or price of an asset or a company. This act is pivotal in finance and investing, influencing decisions ranging from purchasing securities to compliance with regulations.
Valuation risk refers to the uncertainties and potential errors that arise when determining the fair value of an asset, liability, or business. This risk can occur in various scenarios, such as during the acquisition of a business or the valuation of over-the-counter market options.
Value represents the worth of all the rights arising from ownership, commonly referring to the quantity of one thing that will be exchanged for another.
Value Added refers to the value of a product or output minus the costs of raw materials used in production. Essentially, it represents the increase in value created by the manufacturing process through the application of capital and labor.
VAT is a consumption tax levied on the sale of goods and services in the UK, added at each stage of production and distribution.
Value Added Tax (VAT) is a consumption tax levied on the value added to goods and services at each stage of production or distribution and is ultimately borne by the end consumer.
The value chain is a series of processes involved in the production, distribution, and marketing of a good or service, each adding value for the consumer.
Value Date marks the specific day when funds from a remittance become available to the payee, denoting the culmination of the banking clearing cycle.
Identifying and managing value drivers is crucial for forecasting future cash flows and ensuring the long-term viability of a business.
A value for money audit (VFM audit) is an audit of a government department, charity, or other non-profit organization to assess whether it is functioning efficiently and delivering value for the money it spends.
Value in exchange refers to the amount of other goods and services for which a unit of a specific good can be exchanged in a market. This is often represented by the money price of the good.
Value in use is the present value of an asset's future cash flows derived from its continued use and eventual disposal, used primarily in impairment testing and asset valuation assessments.
Value investing is an investment philosophy that focuses on buying stocks that are trading at bargain prices based on fundamental analysis, then holding them until they become fully valued.
Value Investment is an investment strategy that focuses on the underlying real value of a company and its long-term growth potential rather than short-term market fluctuations.
A value judgment is a judgment reflecting values and personal opinions. Often, it is a biased opinion influenced by the individual's beliefs, emotions, and biases rather than objective facts.
The Value Line Investment Survey is an investment advisory service that ranks hundreds of stocks for 'timeliness' and safety, helping investors make informed decisions based on projected stock performance.
A financial statement displaying the wealth created by a company through the collective efforts of capital, employees, and others, along with its allocation over an accounting period.
Value-Added Tax (VAT) is a consumption tax imposed at each step of the production process, calculated as the difference between the purchase cost of an asset to the taxpayer and its resale price. It is a key source of tax revenue in many European countries.
Value-at-Risk (VaR) is a statistical technique developed to measure and quantify the level of financial risk within a firm or portfolio over a specific time frame. It represents the maximum potential loss with a given confidence level.
Value-at-Risk (VaR) is a statistical technique used to measure and quantify the level of financial risk within a firm or investment portfolio over a specific time frame.
Vanilla finance, also known as plain vanilla finance, refers to basic, standard financial instruments or products that lack any complex features or special conditions. These products are straightforward and easy to understand.
A variable is a data item that can change its value; it is also referred to as a factor or an element in various fields such as statistics, computer science, and mathematics.
A variable annuity is a type of life insurance annuity whose value fluctuates with that of an underlying securities portfolio or other index of performance. It contrasts with a conventional or fixed annuity, whose rate of return is constant.
Variable costs are expenses that change in proportion to the level of activity or volume of production a business undertakes.
The Variable Cost Ratio measures the ratio of variable costs to sales revenue, expressed as a percentage. It provides insight into the relationship between production costs and sales, crucial for cost management and pricing strategies.
Variable costing, also known as direct or marginal costing, is a managerial accounting method where only variable costs are included in the cost of a product.
Variable costs, or variable expenses, are business costs that fluctuate in direct proportion to changes in production or sales volume. They contrast with fixed costs, which remain constant regardless of production levels.
A variable interest rate is the amount of compensation to a lender that is allowed to vary over the maturity of a loan. It is generally governed by an appropriate index.
Variable Life Insurance is a type of life insurance policy where the face value and death benefit can fluctuate based on the performance of investments chosen by the policyholder. The value can increase or decrease but never falls below a guaranteed minimum.
Variable overhead costs represent the elements of an organization's indirect expenses for a product that change in total with fluctuations in production or sales levels. Examples include power, commissions earned by sales personnel, and consumable materials.
Understand the key concept of variable overhead efficiency variance within a standard costing system, and how it affects business financial performance.
Variable overhead expenditure variance in standard costing is the difference between the budgeted variable overhead expenses and the actual variable overhead expenses incurred.
In a system of standard costing, the total difference arising between the standard variable overhead absorbed for the actual units produced and the actual variable overhead expenditure incurred. See also Overhead Total Variance.
Variable pricing refers to a marketing strategy that allows different prices to be charged to different customers or at different times. This strategy is common among industries like airlines, hotels, and certain niche market sellers.
The elements of an organization's indirect manufacturing costs that vary in total in proportion to changes in the level of production or sales.
A Variable-Rate Note (VRN) is a type of bond with adjustable interest coupons set at regular intervals, reflecting the prevailing market rates.
A comprehensive overview of Variable-Rate Notes (VRNs), highlighting their characteristics, benefits, and implications for investors.
A variable-rate security is a financial instrument where the interest rate is not fixed but fluctuates in response to changes in market rates.
Variables sampling is a statistical method used primarily in auditing to predict the value of a given variable within a population. It is often used to estimate the total amount or the arithmetic mean of a characteristic within a sample.
Variance in standard costing and budgetary control refers to the difference between the standard or budgeted levels of cost or income for an activity and the actual costs incurred or income achieved.
Variance Analysis identifies the deviations in financial performance by analyzing the differences between planned financial outcomes and actual results, helping organizations make informed decisions and improve their operations.
A retail store carrying a variety of items in the low and popular price ranges, targeted for the family market, including apparel, women's accessories, gift items, and stationery.
An informal name for an employee of HM Revenue and Customs dealing with value added tax. It is often used to refer to a VAT Inspector responsible for routine VAT inspections.
Vault cash refers to the currency that a bank keeps on hand in its vault and ATMs to meet its day-to-day transaction needs.
The velocity of money refers to the frequency at which one unit of currency is used to purchase domestically-produced goods and services within a certain period. It is essential in understanding the health and efficiency of an economy.
A vendee is a buyer, particularly in the context of a contract for the sale of real estate.
A vendor is a seller, particularly one involved in the sale of real estate, but also encompassing suppliers, retailers, or street peddlers.
A vendor placing is a strategic financial maneuver used for acquiring another company or business, involving the placement of issued shares with prearranged investors as an alternative to direct cash transactions.
A Vendor's Lien is a collateral granted to the seller of a property as security for a promissory note taken by the seller as part of the selling price.
An entrepreneurial business undertaking involving a degree of risk, where capital is exposed to potential loss in pursuit of profit.
Venture capital is a form of private equity financing provided by venture capital firms or individual investors to early-stage, high-potential, and high-risk startup companies.
A Venture Capital Trust (VCT) is an investment vehicle in the United Kingdom designed to provide capital to small, expanding companies and give investors tax benefits.
Venture Capital Trusts (VCTs) offer a high-risk, high-reward investment avenue that provides risk capital for smaller unlisted trading companies, with the added advantage of certain tax benefits in the UK.
A management team assembled for the purpose of a new business operation. A venture team supervises and manages a start-up business, attending to all the details from raising venture capital to managing the initial operations.
A venturer is a party in a joint venture, an arrangement where two or more entities have joint control over an undertaking, sharing profits, losses, and control equally or as defined by a contractual agreement.
Verbatims are research reports that consist of word-for-word duplications of interviews or other forms of recorded communication, without any editorial comment.
The principle that the reliability (faithful representation) of the financial information provided by a company should be open to confirmation, i.e., that an independent person with a reasonable knowledge of accounting should be able to look at the same data and reach broadly similar conclusions. The International Accounting Standards Board's Conceptual Framework for Financial Reporting recognizes verifiability as a qualitative characteristic that enhances the usefulness of financial information.
Vertical analysis is a financial analysis method wherein each line item in a financial statement is listed as a percentage of a base item.
Vertical conflict represents the disagreements and disputes that arise between different hierarchical levels within the same channel of distribution, such as between manufacturers and retailers. This often results from mismatched objectives or perspectives regarding product sales and promotions.
A special reduced rate offered for the purchase of multiple radio or television time slots to be broadcast at intervals within a specified period of time, typically within a day.
The presentation of a financial statement where debits and credits are displayed one above the other.
Vertical integration involves the combination of companies operating at different stages within the same industry's supply chain. It strengthens control over production, distribution, and other critical steps, often resulting in increased efficiency and cost savings.
A detailed exploration of the hierarchical structure and functioning of an organization characterized by layers of management delegation of authority.
Vertical Marketing Systems (VMS) are systems where hierarchical distribution channel members coordinate marketing efforts to reduce conflicts and improve efficiency.
A vertical merger is a business combination in which members of a vertical channel of distribution merge, eliminating the middleman, potentially lowering costs, and possibly making a company more competitive if the savings are passed on to the consumer.
Vertical mobility refers to the movement of individuals or groups upward or downward in a social hierarchy, often resulting in a change in social status and economic position.
A hierarchically structured organization where all management activities are controlled by a centralized management staff, often leading to strong bureaucratic control.
Vertical promotion refers to the advancement or upgrading of management or supervisory responsibilities within an organization, often accompanied by an increase in compensation. For example, an individual receiving a promotion from a department manager to a vice president not only gains greater responsibilities but also receives higher remuneration.
Vertical specialization refers to the delegation of responsibilities and duties to others within the same line of authority in an organization. This happens as organizations grow more complex, necessitating the involvement of additional personnel to manage increasing workloads.
A vertical union is a labor union that includes workers from multiple crafts and unskilled occupations within the same industry, rather than grouping workers by specific trade or skill.
In financial and legal contexts, 'vest' generally refers to granting an individual full ownership of certain assets or benefits after meeting specific conditions, such as a period of service in a company.
A vested benefit is a benefit which an employee possesses full entitlement to, and will retain under any circumstances. Vesting ensures that the employee will retain specific benefits such as pension entitlements or shares, typically after serving the company for a specified period. The vesting status impacts how entities account for obligations under defined-benefit pension schemes or employee share plans.
A vested interest refers to a right or potential benefit in property that will certainly come about, or an involvement in an outcome that could lead to personal gain. This term is used in both legal and business contexts.
The entitlement of a pension plan participant to receive full benefits upon reaching the normal retirement age or a reduced benefit upon early retirement, regardless of their employment status with the same employer.
The Department of Veterans Affairs (VA) is a government agency that provides a wide range of services for eligible veterans, including loans, education benefits, and medical care.
Vicarious liability is a legal concept where one party is held liable for the actions or omissions of another person, even if the liable party did not personally commit the act. This is often seen in employer-employee relationships, where employers can be held accountable for the actions of their employees performed within the scope of their employment.
A vice-president (VP) is a corporate officer subordinate to the president, typically responsible for a specific functional area such as marketing, production, finance, or human resources.
A Vice-President (VP), often simply referred to as VP, is a senior executive in an organization who is responsible for various vital operational aspects and play a pivotal role in the strategic planning and decision-making process.
Videotex, also known as viewdata or interactive videotex, is a revolutionary system wherein information is transmitted via telephone lines between a computer and a TV screen, allowing for interactive data entry and retrieval.
A veteran who served in the U.S. armed forces during the Vietnam War and is entitled to employment preference on federal government contracts under the Veterans Readjustment Assistance Act.
Vigorish, often referred to as the 'vig,' is a term commonly used to describe usurious rates of interest or the charge taken by a bookmaker on bets.
A violation refers to an act or condition that is contrary to law or the permissible use of real property. It often leads to penalties such as fines and legal actions.
In certain systems of budgetary control, virement is an agreed practice allowing for the transfer of funds from one part of the budget to another within the financial year. This can help manage projected surpluses and deficits across different budget heads.
