Planning is "Thinking before the action takes place". It decides beforehand what, when, and how the task is to be accomplished. It is not exactly the same as strategy, which is nothing but "a comprehensive plan." The strategy is all about using a trick to gain success for a particular purpose. It is the skill of managing the affairs of the enterprise. In business, one might come across with the terms planning and strategy, end number of times. Planning is the basic function of management that … [Read more...]
Difference Between Merger and Acquisition
Merger and acquisition are the two most commonly applied corporate restructuring strategies, which are often uttered in the same breath, but they are not one and the same. These are the form of external expansion, whereby through corporate combinations, business entities purchases a running business and grows overnight. It helps the business in maximizing the profit and growth by increasing the level of production and marketing operation. While merger means "to combine", Acquisition means "to … [Read more...]
Difference Between Accounting and Auditing
When accounting process ends, auditing begins, for the purpose of determining the true and fair picture of books of accounts. It is an activity of record keeping and preparation & presentation of the financial statement. Accounting is used by the firms for keeping a track of their monetary transactions. It is the language the business understands, as it is the tool for reporting financial statement of the business entity. Conversely, Auditing is an activity of verification and evaluation … [Read more...]
Difference Between Lok Sabha and Rajya Sabha
The President of India, the Lok Sabha, and the Rajya Sabha are collectively known as the Indian Parliament, which is the chief legislative authority in India. The President of India is the head of the Parliament. The Lok Sabha and the Rajya Sabha are the two houses of Parliament, wherein Lok Sabha is the lower house of the Parliament and Rajya Sabha is the upper house of the Parliament. These two houses of Parliament primarily differs in their powers and functions. The tenure of Lok Sabha is … [Read more...]
Difference Between Finance (Capital) Lease and Operating Lease
The lease is a finance agreement in which lessor (owner of the asset) purchases the asset and let the lessee (user of the asset) use the asset for a limited period against periodic payments, i.e. lease rentals. The terms and conditions of the lease are written in the lease deed. Finance or capital lease and operating lease are two types of lease. Finance Lease is a lease in which the risk and rewards are transferred to the lessee with the transfer of the asset. Unlike Operating Lease, in which … [Read more...]
Difference Between Training and Development
Employee training and development is an indispensable part of human resource function and management. Both the activities aim at improving the performance and productivity of the employees. Training is a program organized by the organization to develop knowledge and skills in the employees as per the requirement of the job. Conversely, Development is an organized activity in which the manpower of the organization learn and grow; it is a self-assessment act. In training, the employees are … [Read more...]
Difference Between Depreciation and Amortization
Depreciation and amortisation both meant to reduce the value of the asset year by year, but they are not one and the same thing. The difference between the two must be appreciated. Writing off tangible assets for the period is termed as depreciation, whereas the process of writing off intangible fixed assets is amortization. Fixed assets refers to the assets, whose benefit is enjoyed for more than one accounting period. Fixed assets can be tangible fixed assets or intangible fixed assets. The … [Read more...]
Difference Between Bookkeeping and Accounting
Many use the terms bookkeeping and accounting interchangeably, but the fact is the former is the first step to the latter, i.e. bookkeeping is the stepping stone of accounting. As far as the scope is of these two processes is concerned, Accounting is much wider and analytical than bookkeeping. Bookkeeping it is only a part of accounting, which creates a base for accounting. While bookkeeping stresses on the recording of transactions and so the work is clerical in nature. On the other hand, … [Read more...]
Difference Between Cost Control and Cost Reduction
One of the major concern of the enterprise is to maximize the profit, which is possible only through decreasing the cost of production. For this purpose, two efficient tools are used by the management, i.e. cost control and cost reduction. Cost Control is a technique which provides the necessary information to the management that actual costs are aligned with the budgeted costs or not. Conversely, Cost Reduction is a technique used to save the unit cost of the product without compromising its … [Read more...]
Difference Between Fixed Cost and Variable Cost
Based on variability, the costs has been classified into three categories; they are fixed, variable and semi-variable. Fixed costs, as its name suggests, are fixed in total i.e. irrespective of the number of output produced. Variable costs vary with the number of output produced. Semi-variable is the type of costs with the characteristics of both fixed and variable costs. Many cost accounting students are not able to bifurcate fixed and variable costs. Fixed costs are one that does not change … [Read more...]
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