International Federation of Accountants (IFAC)

What is the International Federation of Accountants (IFAC)? The international accounting body that is essentially a coordinating body of professional accounting organizations, and does not have the responsibility for setting international accounting standards; instead, the board objective is the development and enhancement of a coordinated worldwide accounting profession with harmonized standards.

Intraperiod income tax allocation definition

What is meant by intraperiod income tax allocation? The allocation of income taxes in such a way that the total income tax expense for the period is related to the proper component that caused the income is called intraperiod income tax allocation.

Internal Control Definition

What is meant by Internal Control? Internal control is the organizational plan that includes specific methods and procedures developed by management to ensure the accuracy and reliability of the accounting records and to safeguard the firm’s assets.

Inventories Definition

What are Inventories? – Definition Inventories are those goods that are owned and held for sale in the regular course of business, including goods in transit, if shipped FOB Shipping Point.

Intangible Assets

What are intangible assets? – Definition Intangible assets are those assets which have no physical substance but have future economic benefits based on rights or benefits accruing to the asset’s owner. Explanation Intangible assets are noncurrent assets that have no physical properties. They generate revenues because they offer a firm value in future revenue production …

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Interest Definition

What is meant by the term “Interest”? The term interest may be defined as the cost associated with the use of money over a specified period of time.

What is Imputed cost?

Definition Imputed Cost—is the cost allocated for resources or use of a service which does not involve a cash outlay. They are hypothetical costs and are not recorded in the books of accounts. There are those costs which do not involve cash outlay. These are not included in the cost accounts. But they are important …

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Income or revenue

Definition The amount or value received by a business or organization against goods sold or services rendered to customers or buyers is known as income or revenue. OR “Revenue is the amount of goods or product sold and services rendered during a specific accounting period.” Example Sales. Commission earned etc.

inventoriable costs

inventoriable costs can be defined as all costs of a product that are regarded as an asset for financial reporting under generally accepted accounting principles.

Internal rate of return method

Internal rate of return method can be defined as discounted cash-flow capital budgeting method. It is the rate of interest at which the present value of expected cash inflows from a project equals the present value of expected cash outflows of the project. Also called time-adjusted rate of return.

Indirect costs

Indirect costs are the costs that cannot be identified specifically or traced to a given cost object in an economically feasible way.

Incremental unit-time learning model

Incremental unit-time learning model can be defined as Learning curve model in which the incremental unit time (the time needed to produce the last unit) is reduced by a constant percentage each time the cumulative quantity of units produced is doubled

Incremental approach

Incremental approach is the approach to choosing among projects that includes only those cash outflows and inflows that differ between the two projects.

Idle time

Idle time can be defined as represents wages paid for an unproductive time caused by machine breakdowns, material shortages, sloppy production scheduling, and the like.