1 Terms
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Auditing
The systematic review and examination of an individual's or organization’s accounting records to verify their accuracy.
Industry: Accounting
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Auditing
Income splitting
Accounting; Auditing
Shifting income from a higher tax bracket operation (or a family member) to one falling in a lower tax bracket, in order to reduce overall tax burden.
Indirect overhead cost
Accounting; Auditing
Overhead not directly associated (such as office expenses, telephone expenses, R&D) with the production of goods or services.
Indirect material
Accounting; Auditing
Consumables (such as cleaning chemicals, disposable tools, protective devices) not used as raw materials, but which make the production of a good or service possible, more efficient, or safer. ...
Indirect method cash flow statement
Accounting; Auditing
Begins with the net income figure taken from the income statement (profit and loss account) and then makes several adjustments which fall under three main headings: (1) Expenses not involving cash ...
Individual development account (IDA)
Accounting; Auditing
A starter fund for people who need extra help saving for certain purposes, such as college tuition and business expenses.
Indirect manufacturing costs
Accounting; Auditing
An expense related to the manufacturing process but is not directly associated with the product or service like depreciation of plant equipment.
Indirect method
Accounting; Auditing
The process of exchanging revenue into a cash-based accounting system.
