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Key Differences

Know the Differences & Comparisons

Difference Between NOPAT and Net Income

Profit making is the main motto of every company. It works as an incentive to the entrepreneur for the risk taken by him, for running a business. It is like the fuel, which helps the business to survive, grow and expand in the long run. In business parlance, Net operating profit after tax, i.e. NOPAT, is the actual after-tax operating profit of the company or in simple terms, it is the earning of the company after interest and tax. Net Income, on the other hand, refers to the actual profit … [Read more...]

Difference Between Invoice and Receipt

Buying and Selling are a part of daily routine. In fact, we indulge in a commercial transactions even without noticing it. In this context, invoice and receipt are the two business terminologies that we encounter very often. Do you know the issuance of both is on different events by the seller? A seller issues an invoice to the buyer when he delivers the goods on the customer's order, but the amount is due for payment. On the other hand, a seller issues a receipt when the customer pays off … [Read more...]

Difference Between Balance Sheet and Cash Flow Statement

Cash flow Statement is as important as the other two parts (Profit & Loss Account and Balance Sheet) of the accounting information furnished in the form of financial statements at the end of the financial year. It is the statement which describes the flow of cash and cash equivalents in and out the organization. The statement is helpful to the stakeholders or say interested parties, in learning about the sources and uses of the company's cash during a particular financial year, from … [Read more...]

Difference Between Balance Sheet and Profit & Loss Account

A balance sheet, or otherwise known as a position statement. It is a statement which shows the financial position of the company on a specific date. It lists all the Ownership, i.e. assets and Owings, i.e. liabilities of the company. A profit and loss account, on the other hand, is an account that shows the revenue earned and expenses sustained by the company, during the course of business, in a financial year. These two along with the cash flow statement constitute the financial statement. … [Read more...]

Difference Between Cost Accounting and Management Accounting

Cost accounting is that branch of accounting which aims at generating information to control operations with a view to maximizing profits and efficiency of the company, that is why it is also termed control accounting. Conversely, management accounting is the type of accounting which assist management in planning and decision-making and thus known as decision accounting. The two accounting system plays a significant role, as the users are the internal management of the organization. While … [Read more...]

Difference Between Bankruptcy and Liquidation

Bankruptcy can be understood as a financial state, whereby a person is declared insolvent by the court, resulting in legal orders directed to resolve insolvency, i.e. to dispose of personal assets to discharge obligations. On the other hand, liquidation may be defined as the process of winding up of company's affairs by disposing-off assets, in order to discharge liabilities of the debenture holders creditors, employees and other parties. While bankruptcy nothing but a legal scheme, wherein … [Read more...]

Difference Between Gross Income and Net Income

In business parlance, Gross Income refers to the income arising after deducting direct expenses from sales. Whereas, Net Income implies the income left over after subtracting all the indirect expenses. From the taxation point of view, Gross Income is the income earned from various sources by an individual or enterprise. Technically, it is the gross total income or GTI. On the other hand, Net Income is the total income after deducting all the allowable expenses and set off and carry forward of … [Read more...]

Differences Between Rules and Regulations

Regulations imply the directives which a body or authority creates and maintains. These are lawfully enforced. As against, rules are the basic guidelines of instructions that states the way of doing something correctly. These are the principles that direct the conduct or behaviour of a person in an organization or country. Basic Introduction Act only contains the basic structure of any law. While creating any act, there are a few issues which lawmakers do not address in the act. And the … [Read more...]

Difference Between Accounting Profit and Taxable Profit

The meaning of profit is different to different persons, i.e. businessmen, accountant, workers, tax collectors, economist etc. For an accountant, profit means the excess of revenues over expenses, which is known as Accounting profit. At the time of computing accounting profit, only explicit costs, i.e. book costs are considered. The concept of accounting profit differs from taxable profit, in the sense that the latter is the amount which is taxable as per the provisions of the income tax act. … [Read more...]

Difference Between Income Statement and Cash Flow Statement

The cash flow statement tells you the amount of cash inflows and outflows of a business during a financial year. It will reveal how much cash the firm has on hand and provides an understanding of the company's liquidity. If we talk about Income Statement indicates the amount of revenue and expenses during the financial year. These are commonly reported quarterly and annually to disclose financial trends and comparisons. It reflects the net profit or loss from the business activities for a … [Read more...]

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