Deferred income tax arises when there is a timing difference between accounting profit and taxable profit. This happens when certain income or expenses are recognized in different periods for accounting purposes and tax purposes. It is recorded as a deferred tax asset or deferred tax liability depending on the situation.
Draft
A draft is a written order directing one party, usually a bank or customer, to pay a specified amount to another party. It is...
Double-Entry Accounting
Double-entry accounting is the system where every transaction affects at least two accounts, with total debits always equal to total credits. This creates a...
Discount on Sales or Purchases
A discount on sales or purchases is a reduction in the amount payable or receivable, usually given for prompt payment, bulk buying, or trade...
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