New accounting terms

New accounting terms

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In view of the recent 'events' in the corporate world, the following accounting terms have been given new meanings:

EBITDA = Earnings Before I Tricked the Dumb Auditor
EBIT = Earnings Before Irregularities and Tampering
CEO = Chief Embezzlement Officer
CFO = Corporate Fraud Officer
EPS = Eventual Prison Sentence
FRS = Fraudulent Revenue Stream
SSAP = Secret Scheme for Adding to Profit
UITF = Unearned Income To Find

Jim Young

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By Accounting WEB
09th Aug 2002 16:18

More abbrieiations
Just a few more for fun

AAT Added Additional Tampering
ACA Actual Cost Amortised
ACCA Accumulated Costs Capitalised Away
C&E Corrections and Errors
CIMA Comfort Is Manipulated Accounts
CIPFA Certainly I’ll Perform Financial Anomalies
CPA Corrupt Planed Accounting
DoF Director of Fiddling
FC Fraudulent Corrections
HR Horror Revelation
IASC I Assume Special Costs
ICAEW I Can Accrue Employer’s Wealth
IFAC I Found Andersen’s Changes
IIA Introduce Income Additions
NPV Not Perfect Valuation
SORP Source Of Revenue for Patners
SWOT Secret Wealth Omitted from Total
VAT Value After Tampering

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By AnonymousUser
05th Jul 2002 17:39

So why
is it only the mighty conglomerates that have the benefit of these accountancy practices?

Wish I had an accountant willing to fiddle the books, hide profit from the taxman, and shred all the evidence when he turns up. Any offers?

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