Monopolies and Restrictive Trade Practices (MRTP) Act, 1969 was revoked and replaced by Competition Act, 2002. MRTP Act was enacted to deal with monopolistic, restrictive and unfair trade practices, but due to certain limitations, Competition Act was introduced, which changed the focus from curbing monopolies to promoting competition. Both the acts apply to whole India, except the state of Jammu and Kashmir. While the old act belongs to pre-liberalisation period, the new Act, came into force … [Read more...]
Difference Between Job Costing and Batch Costing
Job costing method is mainly applied when the goods are produced, or services are rendered as per customer's order. On the other hand, batch costing is a type of job costing, in which goods are produced in a lot of similar units, called as batches. Whether we talk about business or industry, costing system is required everywhere to fix the price of products, to ascertain cost associated with the product and so on. However, a single costing system is not capable enough to fulfill requirements … [Read more...]
Difference Between BCG and GE Matrices
BCG matrix is a matrix used by large corporations to decide the ratio in which resources are allocated among various business segments. Similar to this, GE matrix also helps firms decide their strategy with respect to different product lines, i.e. the product they should add in the range of products offered by them and in which opportunity the firm should invest. Both BCG matrix and GE matrix are two-dimensional models, that are used by big business houses, having several product lines and … [Read more...]
Difference Between Dissolution of Partnership and Dissolution of Firm
Dissolution of Partnership is not equal to the dissolution of partnership firm. It is due to the fact that when the jural relation present between all partners, comes to an end, it is known as dissolution of firm, however, when any one of the partners become incapacitated, then the partnership between the concerned partner and other partners of the firm, comes to an end, but the firm may continue to operate, if other partners desire so. The fundamental difference between the dissolution of … [Read more...]
Difference Between Revaluation Account and Realisation Account
Revaluation Account is prepared only when there is any change in the value of asset and liabilities of the partnership firm, at the time of admission, retirement, and death of a partner. On the other hand, Realisation Account is opened when the firm goes into liquidation, so as to close the books of accounts and also to compute the net effect (profit or loss) arising due to the realisation of assets and settlement of liabilities. Revaluation account and Realisation Account are two types of … [Read more...]
Difference Between Bin Card and Stores Ledger
Bin Card implies a document which records the quantity of material received by, issued to and remained in stores. Conversely, Stores Ledger is a ledger account (accounting record), that maintains the record of the transit of goods in and out, the stores, both in quantitative and monetary terms. Perpetual and Periodic Inventory System are two systems that record the movement of stock maintained by the stores department. Perpetual Inventory System keeps a record of every now and then of … [Read more...]
Difference Between Forecasting and Planning
Forecasting, is basically a prediction or projection about a future event, depending on the past and present performance and trend. Conversely, planning, as the name signifies, is the process of drafting plans for what should be done in future, and that too is based on the present performance plus expectations. Planning and forecasting are two important managerial functions that are relevant for other functions. Basically, forecasting talks about what could practically happen, depending on … [Read more...]
Difference Between Internal and External Validity
Validity talks about the soundness of the research design and methods. While carrying out the experiment, the researcher has two objectives, relating to the validity, i.e. draw conclusions about the impact of an independent variable on the group under study and make inferences about the population as a whole. The first objective stresses on internal validity, whereas the second focuses on external validity. The basic difference between internal and external validity is that the former talks … [Read more...]
Difference Between Validity and Reliability
Simply, the validity of the measuring instrument represents the degree to which the scale measures what it is expected to measure. It is not same as reliability, which refers to the degree to which measurement produces consistent outcomes. For the purpose of checking the accuracy and applicability, a multi-item measurement scale needs to be evaluated, in terms of reliability, validity, and generalizability. These are certain preferred qualities which gauge the goodness in measuring the … [Read more...]
Difference Between Discrete and Continuous Variable
Variable refers to the quantity that changes its value, which can be measured. It is of two types, i.e. discrete or continuous variable. The former refers to the one that has a certain number of values, while the latter implies the one that can take any value between a given range. Data can be understood as the quantitative information about a specific characteristic. The characteristic can be qualitative or quantitative, but for the purpose of statistical analysis, the qualitative … [Read more...]
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