A plaque remaining from the Big Apple Night Club at West 135th Street and Seventh Avenue in Harlem.

Above, a 1934 plaque from the Big Apple Night Club at West 135th Street and Seventh Avenue in Harlem. Discarded as trash in 2006.

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Entry from May 13, 2013
Earnings Before Irregularities and Tampering (EBIT backronym)

Earnings Before Interest and Taxes (EBIT) is calculated by taking a company’s revenues and subtracting its expenses. Enron went bankrupt in December 2001 and confidence in financial reporting came into question by early 2002. In May 2002, several financial terms were given humorous backronyms (back acronyms):

GAAP = Generally Abused Accounting Principles
EBITDA = Earnings Before I Tricked the Dumb Auditor
EBIT = Earnings Before Irregularities and Tampering
CEO = Chief Embezzlement Officer
CFO = Corporate Fraud Officer
NAV = Normal Andersen Valuation (Arthur Andersen was Enron’s accounting firm—ed.)
EPS = Eventual Prison Sentence

The jocular backronyms still infrequently show up on the Internet.


Wikipedia: Earnings before interest and taxes
In accounting and finance, earnings before interest and taxes (EBIT), also called operating profit or operating income is a measure of a firm’s profit that excludes interest and income tax expenses. It is the difference between operating revenues and operating expenses. When a firm does not have non-operating income, then operating income is sometimes used as a synonym for EBIT and operating profit.

EBIT = Revenue – Operating expenses (OPEX) + Non-operating income

The Motley Fool
TheBlindSquirrel
Date: 05/07/2002 11:27
with thanks to Steve on the Options Board:

GAAP = Generally Abused Accounting Principles
EBITDA = Earnings Before I Tricked the Dumb Auditor
EBIT = Earnings Before Irregularities and Tampering
CEO = Chief Embezzlement Officer
CFO = Corporate Fraud Officer
NAV = Normal Andersen Valuation
EPS = Eventual Prison Sentence

Accounting Web
New accounting terms
Posted by AccountingWEB PM | on Fri, 05/07/2002 - 15:30 2848
In view of the recent ‘events’ in the corporate world, the following accounting terms have been given new meanings:

EBITDA = Earnings Before I Tricked the Dumb Auditor
EBIT = Earnings Before Irregularities and Tampering
CEO = Chief Embezzlement Officer
CFO = Corporate Fraud Officer
EPS = Eventual Prison Sentence
FRS = Fraudulent Revenue Stream
SSAP = Secret Scheme for Adding to Profit
UITF = Unearned Income To Find

Jim Young

St. Petersburg (FL) Times
Who knew that accounting could be so funny?
By ROBERT TRIGAUX, Times Business Columnist
published July 3, 2002
(...)
Even those more steeped in accountant jargon have something to chew on these days. We’re not sure where these one-liners originated, though Barron’s commentator Alan Abelson credits a hedge fund manager. I first received these from fellow Times business reporter Helen Huntley. Among the best “new” definitions of accounting terms:

EBITDA (earnings before interest expenses, taxes, depreciation and amortization): Earnings before I tricked the dumb auditor.
EBIT (earnings before interest expenses and taxes): Earnings before irregularities and tampering.
CEO (chief executive officer): Chief Embezzlement Officer.
CFO (chief financial officer): Corporate Fraud Officer.
NAV (net asset value): Normal Andersen Valuation.
EPS (earnings per share): Eventual Prison Sentence.

Chicago (IL) Tribune
Corporate America’s biggest faults
July 05, 2002|By Robert Samuelson, Washington Post Writers Group. Robert Samuelson is a syndicated columnist based in Washington, D.C.
(...)
Corporate sleaze has fed cynicism and caused some investors to dump stocks. Last week, the following delicious item, titled “Nasdaq Accounting Definitions,” was being e-mailed around the Internet:

EBITDA: Earnings Before I Tricked the Dumb Auditor
EBIT: Earnings Before Irregularities and Tampering
CEO: Chief Embezzlement Officer
CFO: Corporate Fraud Officer
EPS: Eventual Prison Sentence

Pertama.com
January 26, 2013
Funny financial terms
Someone sent this to me.......my favourite is EBITDA.
(...)
EBIT: Earnings before irregularities and tampering.
EBITDA: Earnings before I tricked the dumb auditor.
EPS: Eventual prison sentence.
FRS: Fantasy reporting standards.

Posted by Barry Popik
New York CityBanking/Finance/Insurance • Monday, May 13, 2013 • Permalink