ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
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DISCOUNT FOR LACK OF MARKETABILITY Definition
DISOUNT FOR LACK OF MARKETABILITY is an amount or percentage deducted from the value of an ownership interest to reflect the relative absence of marketability.
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WITHOLDING, dependent upon application, is: a. income tax withheld from employees wages and paid directly to the government by the employer; or, b. a tax deducted from dividends on investments which are paid to foreign investors. This can be claimed back if there is a Double Taxation Agreement in place between the countries. See WITHHOLDING TAX.
GENERALIZED AUDIT SOFTWARE is packaged computer programs used on a variety of computers during audit field work to read computer files, select information, perform calculations, create data files, and print reports in a format specified by the auditor.