Glossary – V

Canadian System of National Accounts glossary – V
Term Definition
Valuables Produced goods of considerable value acquired and held primarily as a store of value and not used primarily for purposes of production or consumption.

See also: Gross fixed capital formation, Balance sheet; Gross Domestic Product by Industry, Sources and Methods, Catalogue no. 15-547
Component of: Produced assets

Source: System of National Accounts 2008, paragraph 10.13

Notes: Introduced with the Canadian System of National Accounts 2012 historical revision.

French: Objets de valeur
Valuation The determination of asset, liability, and transaction values. Different methods of valuation include transaction value, market price, issue price, book value, market value, maturity value, etc. and they often reflect applicable accounting principles, legal restrictions and tradition, as well as theoretical considerations.
Valuation methods at constant prices Constant price values of goods and services are calculated either by removing price changes from current values (price deflation) or by valuing current period quantities using the prices of a base year (base year valuation of quantities).

See also: Deflation, Valuation method at current prices
Valuation methods at current prices Current values of a good or service is the amount of money exchanging hands when the particular good or service is sold. Current values can be either observed directly or alternatively, since the value of a commodity is equal to its quantity multiplied by a price, current values can be derived from separate observations on quantities and prices.

See also: Valuation methods at constant prices
Value Value at the level of a single, homogeneous good or service is equal to the price per unit of quantity multiplied by the number of quantity units of that good or service; in contrast to price, value is independent from the choice of quantity unit.
Value-added Value added can be measured either gross or net, that is, before or after deducting consumption of fixed capital: a) gross value added is the value of output less the value of intermediate consumption; and b) net value added is the value of output less the values of both intermediate consumption and consumption of fixed capital.

See also: Gross Domestic Product by Industry, Sources and Methods, Catalogue no. 15-547
Component of: Output

Composed of: Primary inputs

Source: System of National Accounts 2008, paragraph 6.8

French: Valeur ajoutée
Value-added, net See value-added.
Value-added tax A tax on products collected in stages by enterprises; usually designed to cover most or all goods and services. Producers pay the difference between the value-added tax on their sale and the value-added tax on their purchases for intermediate consumption or capital formation. Value-added tax is not usually charged on sales to non-residents (i.e., exports).
Value-added tax, deductible The value-added tax payable on purchases of goods or services intended for intermediate consumption, gross fixed capital formation or for resale which a producer is permitted to deduct from his own value added tax liability to the government in respect of value added tax invoiced to his customers.
Value-added tax, invoiced The value-added tax payable on the sales by a producer; it is shown separately on the invoice which the producer presents to the purchaser.
Value-added tax, non-deductible The value-added tax payable by the purchaser which is not deductible from his own value-added tax liability, if any.
Variable interest Rights and obligations that convey economic gains or losses from changes in the values of a variable interest entity's assets and liabilities. They represent the reward of benefiting from a variable interest entity's expected residual returns and the risk of losing an investment in a variable interest entity or incurring a significant loss due to a contingent obligation to transfer assets to the variable interest entity. Some examples of variable interests are guarantees, equity investments, written put options and forward contracts.
Variable interest entity Entities characterized by their inability to meet the potential equity risks associated with their own financial activities and any holders of the equity at risk do not have controlling financial interest. Variable interest entities may take different forms such as corporations, trusts, limited liability companies or limited partnerships.
Visitor Persons who undertake tourism. They are referred to as either tourists (those who stay overnight or longer in the place visited), or same-day visitors.

See also: Guide to the National Tourism Indicators, Catalogue no. 13-594
Volume See volume index.
French: Volume
Volume index An average of the proportionate changes in the quantities of a specified set of goods or services between two periods of time. The quantities compared over time must be those for homogeneous items and the resulting quantity changes for different goods and services must be weighted by their economic importance, as measured by their relative values in one or other, or both, periods.

See also: Gross Domestic Product by Industry, Sources and Methods, Catalogue no. 15-547
Reference: Guide to the Income and Expenditure Accounts, Catalogue no. 13-017

Source: System of National Accounts 2008, paragraph 15.13

French: Indice de volume
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