We use cookies to enhance user experience and ensure optimised site functionality. We inform you that the use of Essential Cookies is auto-performed according to our Cookie Policy. You can adjust other cookie settings to your preference by selecting "Cookie Settings".
×Cookies Settings
OK
COOKIES SETTINGS
ESSENTIAL
The essential cookies are absolutely necessary for the proper functioning of the site. They allow you to browse and use its features. They are automatically installed when you visit the website.
Always On •
STATISTICS (GOOGLE ANALYTICS)
Statistics cookies help us, as website owners understand how visitors interact with site pages by collecting information in Google Analytics.
Suggested •
MARKETING
These cookies are used to track site users' preferences. Their use relates to the promotion of relevant advertisement.
ACCEPT SELECTED
GLOSSARY - ABBREVIATIONS
Valuation

The act of ascertaining the worth of a thing. The estimated worth of a thing.

Vapour Recovery

Is the process of recovering the vapours of gasoline or other fuels, so that they do not escape into the atmosphere. This is often done (or required by law) at filling stations, in order to reduce noxious and potentially explosive fumes and pollution.

Variance Analysis

In budgeting or (management accounting in general) variance analysis is a tool of budgetary control by evaluation of performance by means of variances between budgeted, planned or standard amount and the actual amount incurred/sold. Variance analysis can be carried for both costs and revenues.

VAT

Value Added Tax, is an indirect tax, in that the tax is collected from someone other than the person who actually bears the cost of the tax (namely the seller rather than the consumer). To avoid double taxation on final consumption, exports (which by definition, are consumed abroad) are usually not subject to VAT and VAT charged under such circumstances is usually refundable.