An accountant needs to ascertain the cost of the cost object (i.e. product, service or activity) either by cost centre, cost unit or by both. Cost Center is nothing but just one portion of the entire organization, to which cost is charged. On the other hand, Cost unit refers to the unit in which cost is expressed. The choice of an appropriate cost centre or cost unit, for which cost is assessed is based on various factors like the organization of factory, size and structure of the concern, … [Read more...]
Difference Between Costing and Cost Accounting
Cost refers to the actual or estimated amount of expenses incurred or to be incurred on a particular article, or activity. The concepts of costing and cost accounting are related to cost accountancy, which is commonly juxtaposed by the students. Costing is concerned with the method of assessing the cost of goods produced and services rendered, at different stages of the production process. On the contrary, cost accounting is associated with the recording of income and expenses, determination … [Read more...]
Difference Between Tax Planning and Tax Management
Tax refers to a mandatory contribution of a person towards the country's revenue, which is imposed by the government (central or state) on the income or wealth of the persons or included in the cost of goods, services or transactions. Every assessee wants the tax liability to be minimum and for this, he/she can take recourse to tax planning through which tax burden can be reduced to a minimum, by using legitimate ways and means. Tax planning is often misconstrued with tax management, which … [Read more...]
Difference Between Advertising and Propaganda
Advertising, needs no introduction, as it is something which we all are quite aware of. We come across hundreds of advertisements, in a day while reading the newspaper, using internet or social media sites, watching TV, travelling on the roads, etc. It uses the multimedia platform to promote a product, service or event, by using various innovative and thought-provoking ideas, so as to persuade customers in such a way that they buy or try the product or service. Advertising is often confused … [Read more...]
Difference Between Absolute and Comparative Advantage
Absolute advantage is one when a country produces a commodity with the best quality and at a faster rate than another. On the other hand, comparative advantage is when a country has the potential to produce a particular product better than any other country. Due to the effect of globalization, one can enjoy Brazilian coffee, while living in the United States or go for a drive in a German car, on the roads of London. International trade helps the countries to expand their market and sell the … [Read more...]
Difference Between Fundamental and Technical Analysis
Fundamental Analysis studies all those factors which have an impact on the stock price of the company in future, such as financial statement, management process, industry, etc. It analyzes the intrinsic value of the firm to identify whether the stock is under-priced or over-priced. On the other hand, technical analysis uses past charts, patterns and trends to forecast the price movements of the entity in the coming time. Stock prices change every minute, and so every investor is keen to know … [Read more...]
Difference Between Unilateral and Bilateral Contract
Unilateral Contract, as the name suggests, is a contract in which the obligation of one party is yet to be performed. As against, Bilateral Contract is the contract, in which the obligation of both the parties is due. Contracts are all about legal enforcement, in the sense that if an agreement possesses legal enforceability, they are considered a contract, whereas, if they lack the same, they are nothing more than an agreement. Now, based on the performance, the contracts are divided into two … [Read more...]
Difference Between Entrepreneur and Entrepreneurship
An entrepreneur is someone who locates the need of society and tries to meet the same, with his/her innovative idea. On the other hand, 'entrepreneurship' which refers to the process of establishing a business entity, intending to get profit, as a return in the future. You might have heard the names like Bill Gates, Jeff Bezos, Steve Jobs, Mark Zuckerberg, Larry Page, Jack Ma and many more, for their innovative and unique products given by them to the society. They are not businessmen, rather … [Read more...]
Difference Between Gross Total Income (GTI) and Total Income (TI)
Most of the people have no idea about the income on which tax is levied and due to which they face trouble in ascertaining their taxable income and filing their return. As per the Income Tax Act, a person can earn income from different sources and these sources, are categorised as heads of incomes. In the context of income tax, the terms gross total income and total income are often used, wherein gross total income is the aggregate of income calculated under the five heads. On the other hand, … [Read more...]
Difference Between Previous Year and Assessment Year
According to the Income Tax Act, income earned by a person in a financial year is taxable in the following financial year. So, the financial year in which the person has received income is called as the Previous Year. On the other hand, the financial year in which the tax liability on the income of the person is assessed is known as Assessment Year. We all know that the Calendar Year commences on the 1st of January and ends on 31st of December every year. But, the calendar year has no … [Read more...]
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