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The A to Z Glossary of Credit Keywords

There are 166 entries in this glossary.
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I

Term Definition
Income statement

A business financial statement that lists revenues, expenses, and net income throughout a given period. Because of the various methods used to record transactions, the monetary values shown on an income statement can often be misleading. Also known as Earnings report, Earnings statement, Operating statement, or Profit and loss statement.

Indemnity

A promise to compensate another for a wrongdoing, expense or loss incurred. To be distinguished from a guarantee which relates to the obligations of another and may not be a primary obligation.

Insolvency

An inability to pay debts as they fall due, or where a debtor's total assets are exceeded by his or her liabilities. The law in this area is regulated by the Insolvency Act 1986. To be declared insolvent, debts due to a creditor or creditors should be in excess of £750.

Intangible assets

Patents, trademarks, goodwill etc.

Interest expenses

Any interest charges incurred, normally shown as a net figure after deduction of any interest received.

Intermediate assets

Assets more usually found in a balance sheet under fixed assets but could include:

  • Investments in, and amounts due from subsidiaries (Gross).
  • Investments in, and amounts due from related companies (Gross).
  • Trade Investments (Gross).
  • Other listed and unlisted investments e.g. shares in a racehorse, which are not part of the business cycle of the company.
  • Investment properties (where property dealing is not an integral part of the activities of the company).
Investments

Money invested in associated companies or any other long-term investment. Usually stated "at cost", with market value also mentioned.

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