Icons: As used in computer terminology, icons are images or
graphics used to represent actions or computer processes. A trash can might
be an icon for deleting a file, a picture of a house might indicate moving back
or to the main or home page, and a pen might indicate a word processing package.
Impersonal Accounts: These are accounts not held in the name
of persons (i.e. they do not relate directly to a business's customers and suppliers).
There are two types, see Real and Nominal.
Imprest Account: An account into which a fixed amount of money
is placed for minor disbursements or disbursements for a specific purpose (e.g.,
Imprest System: A method of topping up petty cash. A fixed
sum of petty cash is placed in the petty cash box. When the petty cash balance
is nearing zero, it is topped up back to its original level again (known as
'restoring the Imprest').
Income: Money received by a business from its commercial activities.
Income Accounts: These are the accounts you use to keep track
of your sources of income. Examples are merchandise sales, consulting revenue,
and interest income.
Income Statement: (Also called Statement of Earnings) The
financial statement that summarizes the revenues generated and the expenses
incurred by an entity during a period of time. It shows whether the business
earned a profit or incurred a loss for a given period.
Inland Revenue: The government department usually responsible
for collecting your tax.
Insolvent: A company is insolvent if it has insufficient funds
(all of its assets) to pay its debts (all of its liabilities). If a company's
liabilities are greater than its assets and it continues to trade, it is not
only insolvent, but in the UK, is operating illegally (Insolvency act 1986).
Intangible assets: Assets of a non-physical or financial nature.
An asset such as a loan or an endowment policy are good examples. See tangible
Integration Account: See Control Account.
Interest: The payment (cost) for the use of money.
Interest Rate: the cost of using money, expressed as an annual
Interest Revenue: Money earned from an investment can be interest
Inventory: (1) A detailed a detailed list showing quantities,
descriptions and values of property and, frequently, units of measure and unit
prices. (2) An asset account reflecting the cost of goods held for resale or
for use in operations.
Invoice: A term describing an original document either issued
by a business for the sale of goods on credit (a sales invoice) or received
by the business for goods bought (a purchase invoice).