Items

• statement of profit or loss

  Previously known as an income statement, financial statement that summarises a company’s revenue and expenses over a period of time.
• income tax

  Tax that governments impose on the income of a business.
• increase

  Becoming greater or more in amount.
• indirect labour

  Labour that is not directly involved in the production of goods and services.
• indirect material

  Material that is used in the production process, but is not directly incorporated into the final product.
• inducement

  Anything that is offered or given to someone to persuade them to do something. Typically refers to a benefit or incentive offered to influence a particular financial decision or action.
• Input VAT

  Input VAT is the value-added tax (VAT) that a business pays on the goods and services that it purchases.
• insolvency

  Insolvency is a state of financial distress in which a business or person is unable to pay their debts.
• insufficient funds

  A banking term that describes an account that does not have enough money to cover a transaction.
• instalment sales

  Instalments sales are sales of goods or services where the buyer agrees to pay the seller in instalments over a period of time.
• intermediaries

  Businesses or individuals that act as a middleman between buyers and sellers.
• interest

  The cost of borrowing money.
• interest on capital

  The interest that a business owner or partner receives on the capital that they have invested in the business.
• interest on current account

  Amount of money that bank pays you for keeping money in your current account.
• interest on receivables

  Amount of interest earned but not yet received.
• 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.