Accounting is a business language, which is used to communicate financial information to the company's stakeholders, regarding the performance, profitability and position of the enterprise and help them in rational decision making. The financial statement is based on various concepts and conventions. Accounting concepts are the fundamental accounting assumptions that act as a foundation for recording business transactions and preparation of final accounts. On the other extreme, accounting … [Read more...]
Difference Between Interpretation and Construction
The statute is defined as the will or order of legislature, which is expressed in the form of text. The traditional way to interpret or construe a statute is to understand the intention of the legislature. The intention of the legislature could incorporate the actual meaning and the object. The process of interpretation and construction assist the judiciary body in determining the meaning and purpose of the legislature. Interpretation helps in determining the real meaning and intention of the … [Read more...]
Difference Between Mediation and Conciliation
The basic difference between mediation and conciliation is based on the role played by the third party who is selected by the parties seeking a settlement, in consensus. In mediation, the mediator acts as a facilitator who helps the parties in agreeing. Conversely, in conciliation, the conciliator is more like an interventionist who provides probable solutions to the parties concerned, to settle disputes. Alternate Dispute Resolution (ADR) is a dispute resolution method that employs … [Read more...]
Difference Between Intention and Motive
The intention is the basic element for making a person liable for the crime, which is commonly contrasted with motive. Though we often use the two terms interchangeably, these are different in the eyes of law. While intention means the purpose of doing something, motive determines the reason for committing an act. The primary difference between intention and motive is that intention specifically indicates the mental state of the accused, i.e. what's going on in his mind, at the time of the … [Read more...]
Difference Between Arbitration and Litigation
Litigation implies a method in which dispute between two parties is resolved by going court, for the judgement. However, due to the rigidity and high cost involved in the litigation process, there are instances when parties go to arbitration. Arbitration is a method of settling a dispute between parties wherein an independent person, selected by the parties mutually to decide the case. The basic difference between arbitration and litigation is that court is involved in the case of litigation, … [Read more...]
Difference Between Penetration Pricing and Skimming Pricing
Penetration pricing strategy is one in which the company charges a low price, in the beginning, to derive maximum sales volume from the price-sensitive customers. On the contrary, when at the initial stage high prices are charged to the customers, which is gradually decreased to attain maximum profit from less price sensitive customers. Price is among the important components of the marketing mix, which is the firm's outright source of earning, and it not only covers the cost of production … [Read more...]
Difference Between EFT and ACH
In the fast-paced world, with the change in information and communication technology, banks are also adopting e-banking culture that helps in providing better and flexible products and services to the customers. In this context, terms like ACH and EFT are commonly used. All the transactions that take place through the computer system or digital mode come under the ambit of Electronic Fund Transfer or EFT. On the other hand, ACH implies Automated Clearing House, is a huge network of banks and … [Read more...]
Difference Between Consulate and Embassy
Diplomatic Mission is a foreign office, in a country wherein a group of officers represents the home country in the host country, along with safeguarding the interest of the citizens and the home country in the host country. Diplomatic mission entails embassies and consulates, wherein the embassy serves as the nerve centre for diplomatic representation of the public administration of a nation in another. Conversely, Consulate is an arm of the embassy that diplomatically represents the … [Read more...]
Difference Between Passport and Visa
When you are planning to go abroad for any purpose with your family, friends or even alone, you have to make sure that you have the Passport and Visa. Passport is the most important official document, which one should possess for international travelling. It is issued by the government to the citizens of the country, on their application. It also serves as an identification proof, as it certifies the identity and citizenship of the holder. Visa, on the other hand, is not a separate document … [Read more...]
Difference Between Basic and Applied Research
Research is a calculated investigation that provides a base for the decision-making. It can be understood as the study undertaken by an individual or entity systematically, for finding out solutions to the problems under consideration. Survey or experiment are carried out to gather information as per the objectives. Based on utility, research is divided into two categories, i.e. basic and applied research, wherein basic research is one that adds further knowledge to the actual knowledge. On … [Read more...]
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