IMPREST ACCOUNT - An account into which a fixed amount of money is placed for the purpose of making change or minor disbursements. As disbursements are made, a voucher is completed to record the date, amount, nature, and purpose of the disbursement. At periodic intervals, or when the money is completely expended, a report with substantiating vouchers is prepared and the account is replenished for the exact amount of the disbursements, and appropriate general ledger accounts are charged. The total of cash and the substantiating vouchers should always equal the total fixed amount of money set aside in the imprest account. Refer to CHANGE ACCOUNTS and PETTY CASH.

IMPROVEMENTS OTHER THAN BUILDINGS - Capital assets that reflect the cost of permanent improvements other than buildings which add value to land such as fences and retaining walls.

INCIDENTAL EXPENSES - Fees and tips given to porters, baggage carriers, bellhops, hotel maids, flight attendants, and others for personal services performed. This is not a miscellaneous expense. An allowance for incidental expenses is included within the daily subsistence rates for the area of travel.

INCOME STATEMENT - Refer to OPERATING STATEMENT; STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE; and STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET ASSETS OR FUND EQUITY.

INDEPENDENT AUDIT - An audit performed by an independent auditor. Refer to FINANCIAL AUDIT, PERFORMANCE AUDIT, and INTERNAL AUDIT.

INDIRECT CHARGES - Refer to OVERHEAD.

INDIRECT COSTS - Costs that cannot be directly charged to an activity (e.g. depreciation and other administrative and support costs).

INEXHAUSTIBLE CAPITAL ASSETS - Refer to NON-DEPRECIABLE CAPITAL ASSETS.

INFORMATION TECHNOLOGY RELATED EQUIPMENT - Includes capitalized and non-capitalized assets such as equipment, software and products used in processing information, office automation and telecommunications.

INFRASTRUCTURE ASSETS - Long lived capital assets that normally are stationary in nature and normally can be preserved for a significantly greater number of years than most capital assets. Examples of infrastructure assets include roads, sidewalks, bridges, tunnels, drainage systems, water and sewer systems, dams, and lighting systems. With the exception of the state highway system and emergency airfields operated by the Department of Transportation, which use the modified approach to depreciation, infrastructure assets are to be depreciated.

IN-STATE TRAVEL - Travel within the state of Washington. However, with respect to the requirement for prior authorization of out-of-state travel in Subsection 10.10.50, travel to counties and/or cities in the states of Idaho and Oregon that are contiguous to the border between Washington-Idaho or Washington-Oregon shall not be considered out-of-state.

INTEGRAL PART OF THE MEETING - An activity within a meeting that is essential to the completeness of the meeting.

INTEREST PAYABLE - A liability account reflecting the amount of interest owed by the state. In governmental funds, interest is to be recognized as an expenditure in the accounting period in which it becomes due and payable and the liability is to be recorded as interest payable at that time. In proprietary and trust funds, interest payable is recorded as it accrues, regardless of when payment is actually due.

INTEREST RECEIVABLE - An asset account reflecting the amount of interest due to the state.

INTERFUND ACCOUNTS - Accounts in which activity between funds are reflected. Refer to INTERFUND ACTIVITY.

INTERFUND ACTIVITY - Activity between funds of the state, including blended component units. Interfund activities are divided into two broad categories: reciprocal and nonreciprocal. Reciprocal interfund activity is comprised of interfund loans and interfund services provided and used. Nonreciprocal interfund activity is comprised of interfund transfers and interfund reimbursements. Refer to INTERFUND LOANS, INTERFUND SERVICES PROVIDED AND USED, INTERFUND TRANSFERS AND INTERFUND REIMBURSEMENTS.

INTERFUND LOANS - Loans made by one fund to another with a requirement for repayment. Refer to INTERFUND ACTIVITY.

INTERFUND REIMBURSEMENTS - Repayments from the funds responsible for particular expenditures or expenses to the funds that initially paid for them. Refer to INTERFUND ACTIVITY.

INTERFUND SERVICES PROVIDED AND USED - Sales and purchases of goods and services between funds for a price approximating their external exchange value. Refer to INTERFUND ACTIVITY.

INTERFUND TRANSFERS - Nonreciprocal transfers made without a requirement for repayment. Refer to EQUITY TRANSFERS, OPERATING TRANSFERS, and INTERFUND ACTIVITY.

INTERGOVERNMENTAL REVENUES - Revenues from other governments in the form of grants, entitlements, shared revenues, or payments in lieu of taxes.

INTERIM FINANCIAL STATEMENT - A financial statement prepared before the end of the current fiscal period and covering only financial transactions during the period to date.

INTERNAL AUDIT - An appraisal activity conducted by auditors working for and within an organization of the diverse operations and controls within the organization to determine whether prescribed policies and procedures are followed, established standards are met, resources are used efficiently and economically, and the organization's objectives are being achieved.

INTERNAL CONTROL - A management process for keeping an entity (agency, board, commission, department, division, institution, or program) on course in achieving its organizational objectives. A management control system, including comprehensive internal controls, should provide reasonable assurance that entity objectives are being met.

INTERNAL CONTROL FRAMEWORK- An integrated set of policies and procedures designed to assist management to achieve its goals and objectives. To be truly comprehensive, a government's internal control framework must (a) provide a favorable control environment, (b) provide for the continuing assessment of risk, (c) provide for the design, implementation, and maintenance of effective control-related policies and procedures, (d) provide for the effective control-related policies and procedures, (d) provide for the effective communication of information, and (e) provide for the ongoing monitoring of the effectiveness of control-related policies and procedures as well as the resolution of potential problems identified by controls.

INTERNAL SERVICE FUNDS - Internal service funds are used to report activities that provide goods or services to other funds, departments or agencies of the state on a cost reimbursement basis. Internal service funds are used where the state is the predominant participant in the activity.

INVENTORY CONTROL POINT - A specific location, area, building, inventory type, etc., as defined in writing by the agency inventory officer where consumable inventories are aggregated for distribution, valuation, and/or reporting threshold purposes.

INVESTMENT IN CAPITAL ASSETS, NET OF RELATED DEBT - One of the three components of net assets reported in government-wide and proprietary fund financial statements. It is comprised of capital assets, including restricted capital assets, net of accumulated depreciation and reduced by the outstanding balances of any bonds, mortgages, notes, or other borrowings that are attributable to the acquisition, construction, or improvement of capital assets of the state.

INVESTMENT TRUST FUNDS - Fiduciary funds used by the sponsor to report the external portion of investment pools. Refer to FIDUCIARY FUNDS.

INVESTMENTS - Securities, real estate and other instruments held for the production of income or profit.

INVOICE - A document submitted by a vendor, showing the character, quantity, price, terms, nature of delivery, and other particulars of goods delivered or of services rendered.

INVOICE VOUCHER (A19-1A) - A form used by agencies to substantiate and authorize payment when a purchase order or field order is not involved and where vendor invoices are not employed. The invoice voucher is to be signed by the vendor on the space provided.

ISSUANCE COSTS - Fees associated with the issuance of debt that may be withheld from the proceeds or paid separately including underwriter's fees and bond counsel fees. In governmental funds, issuance costs are reported as expenditures.

Accounting Terms Glossary and Definitions
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z