Invoice can be defined as a document which gives accurate description of material being sent or shipped and their prices, issued by the exporter/supplier at the request of the importer/purchaser prior to the placement of the order. It is not exactly same as proforma invoice, which is for form only, i.e. neither it is recorded in the books nor charged to the recipient's account. It is used to request buyer for payment of the goods dispatched to him on credit. While an invoice states the total … [Read more...]
Difference Between Guidance and Counseling
While in guidance the focus is made on listening to the problem, on which ready-made solution is given by the expert. Counseling aims at discussing and understanding the problem, advising and empowering him to take a decision concerning his/her career or life goals in one-to-one sessions. Psychology is a discipline that studies human behaviour and mind. It attempts to ask questions about the reason behind an individual's behaviour and thinking. Two important concepts of psychology, which … [Read more...]
Difference Between Ethics and Values
Ethics and Values together lay the foundation for sustainability. While they are sometimes used synonymously, they are different, wherein ethics are the set of rules that govern the behaviour of a person, established by a group or culture. Values refer to the beliefs for which a person has an enduring preference. Ethics and values are important in every aspect of life, when we have to make a choice between two things, wherein ethics determine what is right, values determine what is … [Read more...]
Difference Between Code of Ethics and Code of Conduct
Code of Ethics and Code of Conduct are the standards that a group must adhere to, so as to remain the member of the organisation. The primary difference between code of ethics and code of conduct is that code of ethics is a set of principles which influence the judgement while the code of conduct is a set of guidelines that influence employee's actions. These statements are formally addressed and need to be accepted by the members when they join the organisation for the first time. These help … [Read more...]
Difference Between Induction and Orientation
In Human resource management, the term induction can be defined as the introduction of the newcomer to their job. It is not exactly same as an orientation, which provides basic information about the employer organisation to the fresher. Induction and Orientation are the two programs designed to provide new joined with the information they require to function comfortably and efficiently in the organisation. As the programs take place in the initial days, when the new hires join the … [Read more...]
Difference Between Perfect Competition and Monopolistic Competition
The term market can be described as any place where buyers and sellers meet, directly or through dealers, to conclude transactions. There are three types of market structure, i.e. perfect competition, monopoly and imperfect competition. Further imperfect competition can be of two types: Monopolistic competition and oligopoly. In perfect competition, the product sold by different firms is identical, but in monopolistic competition, the firms sold near substitute products. The equilibrium … [Read more...]
Difference Between NBFC and Bank
While banks and non-banking financial companies (NBFC) both are key financial intermediaries, that offer almost similar services to the customers. The major difference between NBFC and bank is that unlike banks, an NBFC cannot issue self-drawn cheques and demand drafts. Another important point of distinction amidst these two is that while banks take part in the country's payment mechanism, non-banking financial companies are not involved in such transactions. As finance is the basic … [Read more...]
Difference Between HRM and HRD
Human Resource Management (HRM) is a branch of management; that is concerned with making best possible use of the enterprise's human resources, by providing better working conditions, to the employees. It involves those activities that arrange and coordinates the human resources of an entity. Further, it aims at maintaining good relations at various levels of management. On the other extreme, Human Resource Development (HRD) is a wing of HRM that keeps focusing on the growth and development … [Read more...]
Difference Between Commercial and Cooperative Banks
Banks can be described as the financial intermediary, amidst the borrowers and depositors and provides banking services to the customers. Commercial bank is a bank that is formed for the commercial purpose and hence its primary aim to earn profit from the banking business. On the other hand, cooperative banks are owned and operated by the members for a common purpose i.e. to provide financial service to agriculturists and small businessmen. It relies on the on the principles of cooperation, … [Read more...]
Difference Between Formal and Informal Organization
An organization is a collection of people who work together to attain specified objectives. There are two types of organization structure, that can be formal organization and informal organization. An organisation is said to be formal organisation when the two or more than two persons come together to accomplish a common objective, and they follow a formal relationship, rules, and policies are established for compliance, and there exists a system of authority. On the other end, there is an … [Read more...]
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