Basically the same although the second equation is more detailed, except that " - total liabilities - preferred stock " is confusing. Wouldn`t " total liabilities " include " preferred stock" or does that mean "total liabilities less preferred stock", e.g. Assets - (liabilities, incl. preferred stock ) not Assets - ( total liabilities-preferred stock ).

well from reading the web and book im getting confused about the formula?

in the book it says that net current asset value : NCAV = current assets - liability. from reading the web im seeing that people say that graham defined it as Net Current Asset Value (NCAV) = cash and short-term investments + (0.75 * accounts receivable) + (0.5 * inventory) – total liabilities – preferred stock

which is the correct version and are they the same thing? will the shorter version have something missing out? thanks