In finance, the term 'insolvency' can be used in the context of both individuals and organizations. Insolvency represents that particular 'state' in which the individual or organization is not able to settle debts on time when they fall due for payment because of lack of funds or bank balance. On the other hand, Bankruptcy can be defined as a formal and legal declaration of an individual's inability to settle debts. What is Liquidation? Liquidation implies the closure or winding up of the … [Read more...]
Difference Between Private Limited and Public Limited Company
A private limited company is a closely held one and requires at least two or more persons, for its formation. On the other hand, a public limited company is owned and traded publicly. It requires seven persons for its setup. What is a Company? The company refers to that voluntary association of persons which is established with an aim of achieving common objectives. It is a separate legal entity, i.e. one should not confuse between the company and its members as both are different … [Read more...]
Difference Between Assets and Liabilities
Assets refer to the economic resources of the business which the firm acquires either out of its own funds or borrowed funds which are expressed in terms of money. These are meant for use in the business and will increase the firm's profit-earning capacity. On the other hand, Liability refers to the amount payable by the firm to external parties. It is the claim of external parties like creditors, banks, debenture holders, etc. on the assets of the firm arising due to past transactions. In … [Read more...]
Difference Between Purchase Order and Sales Order
A Purchase Order is simply an order raised by the organization, which contains information related to the product or the number of products that the organization wants to purchase from a supplier. On the Contrary, a Sales Order implies an order generated by the firm and delivered to its customer that acts as a confirmation document regarding the supply of the specified quantity of the goods or services, at a specified time, and agreed upon terms and conditions. Basically, the purchase order … [Read more...]
Difference Between Trade Discount and Cash Discount
Discount is an allowance provided to the customers in specific circumstances. In business, there are two main types of discounts, i.e. trade discounts and cash discounts. While trade discount is the reduction in the list price of the product, whereas cash discount is offered by the firms to its customers to encourage early payments. The main difference between trade discount and cash discount is that a separate ledger account for discounts allowed is opened in the books of the seller and … [Read more...]
Difference Between MBA and PGDM
MBA and PGDM are the two courses that help an individual learn entrepreneurial and managerial skills. The main difference between MBA and PGDM is that while MBA is a regular degree course offered by colleges affiliated with recognized universities, PGDM is a diploma course, which is offered by autonomous colleges. Students who have completed their graduation or who are about to complete their graduation, and want to go for higher studies, may have a question in mind regarding which one is … [Read more...]
Difference Between Nifty and Sensex
Stock Exchange is a marketplace, wherein the trading of securities between buyers and sellers takes place. The two largest and famous stock exchanges of India are the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). Sensex is a flagship index of BSE, whereas Nifty is a main index of NSE. Important: Every share of a company has equal value and Prices of shares fluctuate depending on the demand and supply of the shares in the market. Nifty and Sensex are basically market indices, … [Read more...]
Difference Between Credit Card and Debit Card
When you spend money using your credit card, this means that you are not using your own money, rather you are taking a short-term loan. Credit history, paying capacity, income, and debts are the parameters that are taken into consideration while determining the maximum amount of credit. On the other hand, when you spend money using your debit card, it implies that you are spending the money you own, as it is directly linked to your current (checking) account or savings account, so once the … [Read more...]
Difference Between ATM card and Debit card
An ATM card is a payment card, issued to the customers on request by the bank, that facilitates a customer to access automated teller machine and withdraw money any time. On the other hand, debit card is one that enables the cardholder to make electronic transfer of funds from the account associated with the card, while making a purchase. Nowadays, it is quite gruesome to carry a lot of money with us and also the fear of getting it robbed by the thieves, has forced people to keep a larger … [Read more...]
Difference Between Direct Tax and Indirect Tax
Taxes charged directly on the income or wealth of an individual is called Direct Tax. On the contrary, an indirect tax is a tax that is added to the price of goods and services. What is a Tax? Tax is a financial obligation, payable to the government for the cost of living in a society. It is a fee levied by the government of the respective country or territory on income, activities, goods, and services. It is broadly classified into direct tax and indirect tax. Why Tax is imposed? The main … [Read more...]
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