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What are large scale and small scale industries?

Large-scale industries Small-scale industries 2. They produce machinery and goods on a large scale like the iron and steel industry, ship building industr...

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Knowledge Base

Latest insights and tutorials from the The Daily Horizon team.

How can an S Corp reduce taxable income?

Slash S-Corp Taxes for Good #1 Reduce Owner’s Wages. #2 Cover Owner’s Health Insurance Premiums. #3 Employ Your Child. #4 Sell Your Home to Your S-Corp. #...

What is included in cost of carry?

Cost of carry refers to costs associated with the carrying value of an investment. These costs can include financial costs, such as the interest costs on ...

What is VAT adjustment entry in Tally?

You can record a journal voucher for input tax refund. 1. Go to Gateway of Tally > Accounting Vouchers > F7: Journal . Note: You can create a journa...

Is sales commission a product cost?

Sales commissions are not part of the cost of a product. Therefore, sales commissions are not assigned to the cost of goods held in inventory or to the co...

What happens when a company declares a stock dividend?

When a company issues a dividend to its shareholders, the value of that dividend is deducted from its retained earnings. 6 Even if the dividend is issued...

What is a 10 year certain pension?

A 10-year term certain annuity payout means that payments are guaranteed to be made for at least 10 years. If you were to pass away during the first year,...

What is the purpose of external financial reporting?

General purpose external financial reporting (GPEFR) focuses on providing information to meet the needs of financial report users. This information may be...

What is the treatment of advertisement suspense account?

advertisement suspense account written off treatment…during retirement of a partner. Advertisement Suspense Account is the part of accumulated losses, the...

Is Provident funding federally backed?

Provident Funding Associates, L.P. (NMLS ID 3821) is a licensed residential mortgage lender approved by HUD/FHA, VA, Fannie Mae and Freddie Mac and by app...