I

income

money that is being earned by the business.

income statement

a financial document that shows how much money (sales) came in and how much money (costs) was paid out. Subtracting the costs from the sales gives you your profit and all three are shown on the income statement.

indemnity insurance

risk protection for actions for which a business is liable. Insurance that a business carries to cover the possibility of loss from lawsuits in the event the business or its agents were found at fault when an action occurred.

induction training

training for new employees regarding conditions of service, physical layout of the workplace, safety rules, local conventions and customs and supervisory procedures.

input tax credits

you are entitled to an input tax credit for the GST included in the price you pay for an acquisition or the GST paid for an importation if it is for use in your enterprise.

input taxed

some supplies are input taxed, which means you do not charge GST for them but neither are you entitled to input tax credits for anything acquired or imported to make the supply.

intangible assets

those assets of a business, which cannot be assigned a firm, fixed value, such as leases, franchises, goodwill and patent rights.

inter-firm comparison

a comparison between the financial and productive performance of a business with the industry averages.

interest

the cost of borrowing money.

inventory

the value of all the stock of physical items that a business uses in its production process or has for sale in the ordinary course of doing business.

investment

money used to purchase any capital items for the business and expected to yield an income.

invoice

document which shows the customer charges for goods delivered or work done.

invoice financing

see factoring

2018-04-26T09:30:00+00:00

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