Glossary of Auditing Terms

X-Y-Z

X

• Extensible Business Reporting Language (XBRL) - (XML-based electronic language for financial reporting)

• Extensible Hypertext Markup Language (XHTML) - (newer formulation of HTML as an extension of XML)

• Extensible Markup Language (XML) - (a generic language of the World Wide Web Consortium (W3C) for creating new markup languages)

• Extensible Stylesheet Language (XSL) - (defines how an XML document is to be presented - Web page presentation)

Y

• year's maximum pensionable earnings (YMPE) - (earnings on which benefits from Canadian and Quebec pension plans are based)

• year-to-date (YTD) - (the period beginning January 1st of the current year up until today's date)

• yield (YLD) - (income received by an investor from a security, expressed as a percentage of the money invested or of the current price of the security)

• yield to call (YTC) - (a yield calculated on the assumption that a bond will be called on the first permissible date, and redeemed at the price laid down in the indenture for the first call date)

• yield to maturity (YTM) - (a bond's composite rate of return off all payouts, coupon, and capital gain or loss)

Z

• zero balance account (ZBA) - (a checking account with which checks are written, or deposits are made, with the net balance transferred to a concentration account)

• zero-based budgeting (ZBB) - (an approach to budgeting which requires departments to justify their budgets, with new cost estimations, for each budget period instead of relying on historical cost assumptions)

• zero bracket amount (ZBA) - (standard deduction on tax returns)