Key Differences

Know the Differences & Comparisons

Difference Between Internal and External Communication

When the members of the organization, communicate with each other, it is called as internal communication. However, when there is a communication between members of the organization, with the outside party, it is said to be external communication. These are two types of communication, which can be seen in the corporate world. This article excerpt will provide you all the important differences between internal and external communication. In the process of management, communication plays a … [Read more...]

Difference Between General Lien and Particular Lien

'Lien,' a right to keep in possession, the movable goods belonging to another person, till the time the debt owed by that person is realized. It can be classified as the general lien and particular lien. When one party is entitled to retain the goods belonging to another party, until all the dues are discharged, is called general lien. In contrast, particular lien implies the right of retention of specific goods, until the claims related to those goods are realized. Lien is tied with … [Read more...]

Difference Between Internal Control and Internal Audit

Internal control is a system that comprises of control environment and procedure, which help the organization in achieving business objectives. On the other hand, internal audit is an activity performed by professionals to ensure that internal control system implemented in the organization are effective. Control is one of most prominent human need, that is present in almost every human activity. So, in business too, control have a great role to play in ensuring best possible use of resources … [Read more...]

Difference Between MRTP Act and Competition Act

Monopolies and Restrictive Trade Practices (MRTP) Act, 1969 was revoked and replaced by Competition Act, 2002.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...]