I

Income Statement

A financial statement produced by an organisation showing the revenues and expenses of the organisation and net income. The income statement is normally presented with the previous period’s (month or year) numbers side-by-side with the current period. Sometimes called a profit and loss statement (P&L). See also balance sheet.

Inadmitted Asset

Any asset having or assumed to have little or no value in liquidation, under regulations prescribed in various jurisdictions; in reporting the financial position of an insurance company, such assets are segregated and deducted as a group, usually on the face of the report.

Idle Time

Lost time of men or machines arising from lack of business or of material, a breakdown of equipment, faulty supervision, or other cause whether or not avoidable. In the distribution of labor and production-center costs, it may be accounted for in a separate operating-expense account and regarded as an item of overhead.

Income Earned

Realized income. Income realized from services rendered.

Invoice

See sales invoice.

Inventory

See stock.

Information

The meaning and value content of data when it has been processed. See also information economics.

Idle-capacity cost

The variance attributable to the failure to utilize facilities at projected rates.