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A B C D E F G H I J L M N O P Q R S T U V W Z
IN IP IS
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Income
Also known as Statement of Earnings; Statement of Operations; Statement of Comprehensive Income; P&L; Profit and Loss Stateme Revenue-Expenses=Income
Indefeasible
"A right or a title in property that cannot be made void or cancelled by any past event, error or omission in the title. "
Indemnity
"The act of one party protecting or guaranteeing protection, or freedom from liability, of a third party for actions of that party. "
Indenture
"Any deed, written contract or sealed agreement. "
Injunction
A mandatory or prohibitive order or judgment issued by a Court.
Insolvent
A person not able to pay debts generally as they become due.
Insolvent Person
"A person who is not bankrupt and whose liabilities exceed his assets and/or ability to pay. The BIA contains a statutory definition that differs from this general definition as More…
Inspector
"A person appointed by creditors at the first or subsequent meeting of creditors, as part of a committee, to examine and give direction to the trustee's administration of the More…
Instrument
"A formal document with legal consequences; e.g., a debenture, mortgage, chattel mortgage."
Intangible
"Long-term or non-current asset that lacks physical substance, but which confers valuable rights or privileges upon the holders; e.g., patents, goodwill."
Interim Dividend
Dividend paid to creditors before the administration of the estate of the bankrupt has been finalized; any dividend that is not a final dividend. ◊ (A dividend paid to More…
Interim Order
"A temporary Court Order intended to be of limited duration, usually until the Court has had an opportunity of hearing the full case and the opportunity of making a Final Order. " More…
Interim Receiver
"A person appointed by the Court to be a watchdog regarding the assets of a debtor during that time between the application to the Court for a Receiving Order and the time where the More…
Interplead
The placing of funds in the Courts by a person when there are two or more competing claims for those monies.
Inventory
Subsidiary ledger which is usually used to record the details of individual items of stock. Inventories can also be used to hold the details of other assets of a business.
Invoice
An itemized bill showing goods purchased or services provided together with the charges and terms. An invoice is a bill of sale.
Ipso Facto
By the fact itself.
ISSUE
The clerk dates and signs completed documents.
Cred-O-Pedia Glossary of Credit Learning
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