Brand and Product are two different terms, which are commonly encountered in marketing. These two differ in the sense that a product is created by the company while a brand is built by the people using them i.e. customers. Moreover, the former can be easily duplicated, whereas a the latter is unique, and it cannot be copied. A product passes through a life cycle, but a brand is timeless. Due to the rapid modernization of the society, now every person is concerned about, How they look? What … [Read more...]
Difference Between Salary and Wages
The term salary and wages is often confused by people and is used interchangeably. But the truth is that both these terms differ from each other and hold different meanings. Salary is a fixed amount paid or transferred to the employees at regular intervals for their performance and productivity, at the end of the month whereas wages are hourly or daily-based payment given to the labour for the amount of work finished in a day. The main difference between salary and wages lies in the fact that … [Read more...]
Difference Between Trade and Commerce
Business Activities are grouped into two broad categories, i.e. industry and commerce. Commerce is concerned with facilitating the exchange of goods and services in the economy. It is sub-classified as trade and auxiliaries to trade. Many think that trade and commerce are the same terms and can be used interchangeably. But the fact is both the terms are different from each other and carry different meanings. Trade simply means buying and selling of goods and services in return for money or … [Read more...]
Difference Between Product Cost and Period Cost
Based on the association with the product, cost can be classified as product cost and period cost. Product Cost is the cost that is attributable to the product, i.e. the cost which is traceable to the product and is a part of inventory values. On the contrary, Period Cost is just opposite to product cost, as they are not related to production, they cannot be apportioned to the product, as it is charged to the period in which they arise. Product cost comprises of direct materials, direct … [Read more...]
Difference Between Explicit Cost and Implicit Cost
Based on payment, costs are classified into two categories; they are Explicit Costs and Implicit Costs. Explicit Cost is the cost which is actually incurred by the organization, during production. On the other hand, Implicit Cost, are just opposite to the explicit cost, as the organization does not directly incur them, but they are implied in nature which does not involve a cash payment. The former is an out of pocket cost, while the latter is an opportunity cost. Explicit Cost refers to the … [Read more...]
Difference Between Quality Assurance and Quality Control
The major elements of the quality management, are quality assurance and quality control. Quality Assurance, assures that the right production process is performed in the right manner. Quality Control, on the other hand, ensures that the product will match the requisite standard. While the former stresses on preventing from defects, the latter concentrates on identifying the defects. At present quality, is king, it is one of the major concern of every customer, it is decided by the customer … [Read more...]
Difference Between Hire Purchasing and Leasing
Nowadays, if you want to use an asset, you don't need to purchase it from the seller. There are many offers whereby, you can use the asset just by paying the price for using it, such as Hire Purchasing and Leasing. The former is a business deal in which the purchaser of the asset, pays a small amount at the beginning and the rest of the price in installments. On the contrary, the latter is an agreement between two parties in which the lessor purchases the asset and permits the lessee, use the … [Read more...]
Difference Between Debit Note and Credit Note
Millions of purchase and sale transactions occur in day to day life, and so does the returns are made by many customers, when the find the products are not upto their requirement. Debit Note and Credit Note are used while the return of goods is made between two businesses. Debit Note is issued by the purchaser, at the time of returning the goods to the vendor, and the vendor issues a Credit Note to inform that he/she has received the returned goods. When the goods are returned to the seller … [Read more...]
Difference Between Debtors and Creditors
In the normal course of business, goods are bought and sold on credit, which is not a new thing. Selling and purchasing of goods on credit change the relationship between buyer and seller into debtor and creditor. Debtors are the one, to whom goods have been sold on credit, whereas Creditors are the parties who sold the goods on credit. They both are relevant for an effective working capital management of the company. Debtors are an integral part of current liabilities and represent the … [Read more...]
Difference Between Oral Communication and Written Communication
Words play a crucial role in communication process, to transmit the message in the way it is intended to be conveyed. When words are used in the process of communication, it is known as verbal commnication. Verbal transfer of information can be performed, orally or in written form. Oral Communication is the oldest means of communication, which is most commonly used as a medium for the exchange of information. It involves gathering or disseminating information through spoken words. Written … [Read more...]