Allowance refers to the financial benefit which an employer provides to employees in addition to the basic salary they draw, so as to meet the expenses that employees may incur to perform the job or because of it. Conversely, perquisites refer to a financial benefit which an employer provides to an employee because of their job or the designation they hold. These are like add ons to an employee's compensation. It facilitates the management of a number of expenses for which the employee does … [Read more...]
Difference Between Normal Loss and Abnormal Loss
Normal loss is an unalienable loss, that occurs during the production process. These losses are immediately recorded in the books of accounts and apportioned over the remaining product units. On the other hand, any loss arising accidentally due to unforeseen events is termed as an abnormal loss. As these are considered as an expense to the company, the cost is not included in the cost of production. Losses generally occur at the time of processing input during the process. Such losses arise … [Read more...]
Difference Between Cost Audit and Management Audit
Management Audit refers to an independent examination of the managerial activities undertaken at different levels of the management so as to determine its functions, efficiency and achievement. On the other hand, Cost Audit refers to the process of authenticating the cost of production, based on the accounts, concerning the use of material, labour and overheads, which a company maintains. What does the word 'Independent' mean in Auditing? 'Independent' means the opinion which an auditor … [Read more...]
Difference Between Unqualified and Qualified Report
When the auditor is completely satisfied with the truth and fairness of the financial statements of the company's accounts not have any qualifications, i.e. negative statements. Such a report is called an unqualified or clean report. Contrarily, there are instances when the auditor qualifies the audit report, when the company's financial records are not kept as per the generally accepted accounting principles, however, no misrepresentations are found. In such a case, the report issued by the … [Read more...]
Difference Between Multi-Channel and Omni-Channel
While in multichannel retailing many channels of distribution are used to focus on the product, in omnichannel retailing, different channels of distribution are used by the marketer to focus on the customer. We all know that customers have multiple options today from where they can buy products, but they have lacks time and attention. In this way, various approaches to marketing are used by marketers these days. Of these approaches, the two most common ones are - Multi-Channel Retailing and … [Read more...]
Difference Between Listed Company and Unlisted Company
Based on access to capital, the companies are classified into listed companies and unlisted companies. Every listed company is a public company, but vice versa may not be true. Further, an unlisted company can be a private limited company or a public limited company. For the purpose of trading in the stock market, a company must list its securities in the stock exchange, which implies that the company's name is registered in the Stock Exchange. Here, it is to be noted that equity securities … [Read more...]
Difference Between Denotation and Connotation
The denotation of a word refers to its 'definition as per dictionary'. There are some words that share similar denotation, but they do not have the same tone, i.e. one can be positive and the other can be negative. In spite of two words have the same denotation, they can have a varied tone or energy, i.e. their connotation can be different. It is the tone or energy associated with the word that clicks our minds when we listen to the word. While denotation is the ideal definition of a term … [Read more...]
Difference Between Managing Director and Whole time Director
Do you guys know that only directors can be managing directors of the company, but any person with the requisite qualification can become a whole-time director of the company? There is always confusion regarding the roles and functions of the Managing Director and Whole-time Director. Who are Directors? As the name suggests, directors are the officers of the company who are appointed with an aim of directing and supervising the company's affairs. According to the Companies Act, the term … [Read more...]
Difference Between Illusion and Hallucination
Both illusion and hallucination are perceptual disturbances. Hallucination is a false perception or wrong perception, in the absence of any object. On the other hand, the illusion is a false perception or perception in a wrong manner of a real object. So, in the case of hallucination, there is no object present, but it is the person who perceives that there is some object, but in the other case the person perceives an object differently than it is actually. When there is hallucination, an … [Read more...]
Difference Between Sensation and Perception
Do you know our sensory organs i.e. eyes, nose, ears, tongue, skin, etc. provide fresh information about the inside and the outside world? The primary experience of a stimulus identified by a specific sensory organ is called sensation. With this process, the information from the external world reaches our brain. On the other hand, the process with which we interpret the sensations experienced by us in our day-to-day life and then we act upon them is called perception. In this process, an … [Read more...]
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