Basic/General Accounting

Items

• interest on fixed deposit

  Income that is paid to another party in exchange for depositing a certain amount of money for a certain period of time.
• interest on loan

  It is the cost/charge of borrowing money.
• interest on overdraft

  Cost/charge to an account holder for withdrawing more money than is available in their bank accounts.
• interest on overdue account

  Additional amount of money charged when goods or services are not paid by the agreed-upon due date.
• interest on overdue receivables

  Additional amount of money charged when payments on outstanding invoices or accounts receivables are not made on the agreed-upon due date.
• interest income

  Money earned through interest payments received on loans or other interest-bearing financial instruments.
• interim

  It is a time period between two events or stages/a temporary situation that occurs before a permanent situation occurs.
• internal audit

  It is a process where a company assesses itself to determine whether it is operating as intended, this might include checking its budget compared to its actual figures and other things.
• interim dividend

  A dividend that is declared and paid during the year.
• internal control

  Processes put in place to protect the assets of the organization, ensure accuracy and reliability of the financial information of the organization and to ensure that there is compliance with laws and regulations.
• international trade

  It is the buying and selling of goods and services and capital between different countries across international borders.
• inventory

  This includes raw materials, work- in-progress, finished goods and other items that the business use in its operations.
• investment

  The usage of money to acquire assets with the expectation of generating future income.
• invoice

  Document issued to a buyer by a seller providing the details about the transaction.
• irrecoverable

  Amount of money that will not be received from a receivable/debtor.
• issued share capital

  It is the number and/or amount of shares that the company issued and sold to its ordinary shareholders.
• journal

  It is a document used to record the transactions of the business.
• King Code

  The exercise of ethical and effective leadership by the governing body.
• labour

  It is the physical or mental activity undertaken to produce goods or services.
• labour cost

  Expenditure for the physical or mental activity undertaken to produce goods or services.
• labour issues

  Challenges related to workers.
• land and buildings

  Land and buildings
• lay-bye

  Payment method that allows a customer to set aside and buy a product over a period of time by paying in instalments.
• ledger

  A document that has a detailed summary of financial transactions for a specific account or accounts.
• legal

  Related to the law.