Key Differences

Know the Differences & Comparisons

Difference Between Manuscript and Inscription

In olden times, in the absence of any medium of communication and technology, people used to store data in the form of written records. During that time, people used to write on palm leaves or bark of a tree and that handwritten sheet is popularly known as a manuscript. A script is a form of writing, which over a period of time evolved as language and then it is developed as literature. At that time, important messages and memories are engraved on rocks, pillars, clay tablets, and copper … [Read more...]

Difference Between Novation and Alteration

Novation is a situation in which a fresh contract is substituted for an old contract, between the same or different parties, whereas alteration is when there is a change in the terms and conditions of the contract. What is Discharge of Contract? To put simply, discharge means cancel, hence discharge of a contract means its cancellation. When there is the cessation of contractual relation amidst the parties, i.e. promisor and promisee, it is called the discharge of contract. This means that the … [Read more...]

Difference Between Strategic Control and Operational Control

Strategic Control is all about following the trail or movements of the strategy as it is implemented in order to identify the areas of issue or potential areas of the issue so that necessary adjustments can be made. On the other hand, operational control is a subset of management control whose aim is to regularly monitor and check the routine business operations so as to confirm the consistency and quality in business activities. Strategic Control focuses on attaining future goals and not … [Read more...]

Difference Between Bad Debts and Doubtful Debts

Bad Debt refers to the sum due from the debtors, which remains unrealized, and so they are written off in the company's books of accounts. As against, doubtful debts refer to the debt, with which there is an uncertainty, as to the degree to which amount will be recovered from the debtor. Who are Debtors? Goods and services are sold for the purpose of generating revenue for the business. However, all the goods are not sold in cash, and goods on credit are allowed to a number of customers. So, … [Read more...]

Difference Between Expenses and Expenditure

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...]