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What is a journal deposit?

A cash deposit bank journal entry is required when a business takes cash and deposits it into the bank account using a paying in slip. The bank account is...

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Knowledge Base

Latest insights and tutorials from the The Daily Horizon team.

What affects Contributed surplus?

Breaking Down Contributed Surplus issues 100,000 $1 par value common shares at $15 per share. Subsequent share issuances, repurchases, share-based compens...

Do hotels have high profit margin?

The average operating margin for 12 hotel chains under its ambit rose by 200 basis points to 25.9%—the highest in six years. A basis point is 0.01%. That ...

What is conventional system of accounting?

Conventional Accounting system is a traditional method of recording accounting information. Double entry Book Keeping System is the most perfect, scientif...

What are examples of source documents?

Some examples of source documents include: Bank Statements. Payroll Reports. Invoices. Leases & Contracts. Check Registers. Purchase Orders. Deposit S...

Why do we need Nostro accounts?

A Nostro account is a bank account that a bank holds with a foreign bank in the domestic currency of the country where the funds are held. It is used to f...

How do you find maximum profit from total revenue and total cost?

Total profit equals total revenue minus total cost. What is total revenue and total cost approach? 1. Total revenue and Total cost approach:- According to...

What happens if you get audited?

The IRS will propose taxes and possibly penalties, and you’ll get a “90-day letter” (also known as a statutory notice of deficiency). You’ll have 90 days ...

How much can I borrow unsecured?

Each lender will have their own very specific limits but typically an unsecured loan starts from £1,000 and goes up to £25,000. A few lenders may be willi...

Is it better to have LTD or limited?

There is absolutely no difference, other than the fact that one is a complete word and the other is a shortened form. It’s entirely up to you whether to u...