The words 'expenses' and 'expenditure' are commonly used as synonyms, but there is a fine line of differences between them. While expense refers to the amount spent on the production or selling of the goods and services, so as to generate revenue, expenditure implies any type of disbursement of funds made by the enterprise. While expense denotes consumption of cost, expenditure indicates outlay of funds. It is worth noting that expenditure is a broad term that covers expenses. Further, the … [Read more...]
Difference Between Accounting and Accountancy
Accounting is meant to keep a complete record of the business transactions in a sequential manner, which forms a base for the preparation of the financial statements of the company. It aims at providing information to the interested parties to make sound financial decisions. Accounting is a business language in which the economic activities of the enterprise are recorded and presented. On the contrary, the profession opted by accountants is termed accountancy. Who is an Accountant? An … [Read more...]
Difference Between Domestic Income and National Income
National Income, as the name suggests is the income of a nation, measured in terms of production, during the course of a financial year. Hence, when the production is represented in terms of final goods and services, it is called a National Product, whereas when it is represented in monetary terms, it is National Income. It tends to determine the quantum of economic activity carried out during the course of an accounting period. Contrarily, Domestic Income implies the summation of the factor … [Read more...]
Difference Between Stock and Supply
In common parlance, supply means making something available or providing something. In economics, supply is used in the context of goods, it means the quantity of goods offered for sale by the producer, in the market at a given price and time. It is often contrasted with stock, which refers to the excess of goods present in the market over the goods supplied. While supply is obtained from stock, the stock is the result of production. In other words, the total quantity of finished goods … [Read more...]
Difference Between SIP and Mutual Fund
Mutual Funds involve the pooling of money of lakhs of investors and making an investment in financial instruments of multiple companies and sectors. On the other hand, a Systematic Investment Plan or SIP is a technique for making investments in mutual funds. It is a method that allows an investor to invest in small but regular amounts, in a mutual fund so as to accumulate wealth over time. Nowadays, with the introduction of various apps, and new investment avenues, investing in the stock … [Read more...]
Difference Between Arbitration and Adjudication
Arbitration is a dispute settlement mechanism in which the dispute is referred to an independent third party by the parties willingly and the third party is empowered to make a decision regarding the conflict situation, which is binding on both parties. Contrarily, when it is the government which decides to refer the dispute to the court of inquiry as a form of final remedy for out-of-court settlement for the dispute, it is called Adjudication. Arbitration and Adjudication, both are … [Read more...]
Difference Between Negotiation and Mediation
In many cases, parties under dispute look for an out-of-court settlement, by using Alternative Dispute Resolution (ADR) methods which are not just quick, but affordable too. One such method is mediation. It is an assisted negotiation in which a mediator is appointed by the parties concerned so as to listen to both the parties and assist them in finding a better solution. Now you must be wondering, what is negotiation? Negotiation is a process in which parties with conflicting interest come … [Read more...]
Difference Between Jail and Prison
In our day-to-day conversation with people, we use the word 'jail' in place of 'prison' quite commonly. Prison implies a detention center, which holds convicts for a long term for the purpose of punishing them, for the crime committed by them. As against, jail is a place where people who are charged or accused of a crime are held by the Police while awaiting trial. What is Imprisonment? Imprisonment is a system made by the authorities of the countries to deal with the wrongdoers, wherein the … [Read more...]
Difference Between Direct Evidence and Circumstantial Evidence
Evidence plays a crucial role in determining the facts and circumstances of the case. Without it, one cannot prove the offence committed by the accused, which makes the judgment impossible. To find out the facts of the case, we have two types of evidence, i.e. direct evidence and circumstantial evidence. Direct evidence refers to the evidence which when held as true by the Court, outrightly proves the fact. On the contrary, Circumstantial Evidence, as the name suggests, is the evidence, based … [Read more...]
Difference Between Primary Evidence and Secondary Evidence
Primary Evidence is considered as the evidence of supreme value, in the eyes of law. On the contrary, Secondary Evidence is non-primary evidence which are used when the primary evidence cannot be produced. What is Evidence? Evidence refers to proof of facts or genuine information that reflects the validity or authenticity of a belief or proposition. In the eyes of law, all the documents or statement which are permitted by the Court or made by the witnesses in front of the Court, with respect … [Read more...]
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