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Pastimes : Bad investing information/advice on the net contest
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To: The Other Analyst who wrote ()3/17/2000 2:38:00 PM
From: The Other Analyst   of 214
 
Kiplinger.com has a surprisingly rich source of bad information at kiplinger.com.
Go the the Search function on the home page, then enter "Key Quarterly Report Terms" and click on Submit. Then pick the article dated October 1998. This little glossary is chock full of bad investing information.
For example:
Cash flow How much money is flowing into and out of a company. Cash receipts minus cash payments.

You can find the following item if you click on a link from another term as follows:
EBIDTA Earnings before interest, depreciation, taxes and amortization. Typically a measure of cash flow.

Let's see. If EBITDA is the cash flow, then how is it that the capital spending affects the cash flow?

Well, the author of the following little gem apparently does not know the difference between an income statement and a balance sheet:
Nonrecurring items A one time event on a company balance sheet such as a theft or damaging fire.

And I bet you thought nonrecurring items were on the income statement.
Here is a similar gem:
One-time charges A nonrecurring loss from the inability to collect from a debtor.

So that is the only kind of one-time charge. I see....
It's hard to even find a definition in this list that is correct. Even really basic stuff is wrong, like:
Revenues Total dollar amount collected for goods and services provided.

The point is not what is collected, but what is "recognized". That's why accountants use things like accounts receivable.

and another:
SG&A (selling, general and administrative) The combination of salaries, commissions, travel expenses for executives and salespeople, advertising costs, and payroll expenses.

I see. Now what is the difference between salaries and payroll expenses?

In case you think the author has any understanding of financial matters, check this one:
Shareholder value Why companies exist--to increase the return on investment for the stock owners? claim to the company?s undivided assets in proportion to the number of shares held.

The Kiplinger's site has some valid information. This is only a selection. But this selection has one of the highest rates of errors and misinformation in it than any I can recall seeing.
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