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Is IFRS same as IAS?

International Accounting Standard (IAS) and International Financial Reporting Standard (IFRS) are the same. The difference between them is that IAS repres...

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Knowledge Base

Latest insights and tutorials from the The Daily Horizon team.

Are sale of assets considered revenue?

When your company sells off an asset or investment, any gain on the sale should be reported on your income statement, the financial statement that tracks ...

What experiment disproved the plum pudding model?

gold foil experiment In Thomson’s model, the atom is composed of electrons surrounded by a soup of positive charge to balance the electrons’ negative char...

What is discount allowed in income statement?

A discount allowed is when the seller of goods or services grants a payment discount to a buyer. A discount received is the reverse situation, where the b...

What is the average profit for a supermarket?

Conventional grocery store chains have an average profit margin of about 2.2%. This means that for every dollar of sale a grocery store has, they make 2.2...

What is the compound element of gold?

Gold is a chemical element with symbol Au and atomic number 79….7.1Element Forms. CID 105093 Name gold(3+) Formula Au+3 SMILES [Au+3] Molecular Weight 196...

What happens when the frequency of compounding is increased?

The effects of compounding strengthen as the frequency of compounding increases. The more compounding periods throughout this one year, the higher the fut...

How do I learn accounting journal entries?

How to Approach Journal Entries Which accounts are affected by the transaction. For each account, determine if it is increased or decreased. For each acco...

What is 1/10 of an ounce of platinum worth?

For example, a dealer currently has a 1 ounce platinum Valcambi bar selling for $1,533 and a 10 ounce varied brand platinum bar selling for $15,030. How m...

Does inventory appear on cash flow statement?

An increase in inventory stock will appear as a negative amount in the cashflow statement, indicating a cash outlay, or that a business has purchased more...