General Agreement on Tariffs and Trade (GATT) was made in the year 1947, that aimed at initiating an international trade, by liberalizing policies and removing tariffs. It was succeeded by World Trade Organization (WTO), which is a global organization, that encourages and facilitates inter-country trade and also helps in resolving trade disputes. GATT is a multilateral agreement, between several nations of the world, that regulates international trade. Its primary objective is to reduce … [Read more...]
Difference Between Manager and Director
In many organization, the directors themselves plays the role of a manager, but it does not mean that the role of the two important ranks of the company is same. A director can be an employee, member or any other person, who is unanimously chosen by the company's shareholder at the general meeting. In contrast, a manager is a paid employee of the company who possesses a substantial amount of knowledge, expertise, and abilities to manage the organization. The paramount difference between … [Read more...]
Difference Between Strategic Planning and Strategic Management
In the hyper-competitive environment, it is difficult for business houses to survive, grow and expand in the long-run if they do not have strategic planning. A strategic planning is an activity, which determines the objectives and considers both internal and external environment to design, implement, analyze and adjust the strategies, to gain competitive advantage. Strategic Planning is not exactly same as strategic management, which implies a stream of decisions and actions taken by the top … [Read more...]
Difference Between Mortgage and Charge
Charge denotes an impediment over the title of the property, i.e. when the charge is created on an asset, the asset is not allowed to be sold or transferred. Basically, there are three ways through which charge is created on the property, that are classified according to the movability of the asset, i.e. On movable property, the charge is created by way of pledge or hypothecation, whereas when the charge is created on an immovable asset, then it is known as Mortgage. The basic purpose of … [Read more...]
Difference Between IRR and MIRR
Internal Rate of Return (IRR) for an investment plan is the rate that corresponds the present value of anticipated cash inflows with the initial cash outflows. On the other hand, Modified Internal Rate of Return, or MIRR is the actual IRR, wherein the reinvestment rate does not correspond to the IRR. Every business makes a long-term investment, on various projects with the aim of reaping benefits in future years. Out of various plan, the business has to choose one that generates the best … [Read more...]
Difference Between Internal and External Sources of Finance
Business implies a commercial activity of producing and distributing goods and services to final consumers for a profit. To undertake various business activities, an entity requires money and thus, finance is said to be the spine of business, that keeps it going. The capital brought in, to the business by the proprietor is not sufficient to fulfill the financial needs and so he/she looks for new ways to fulfill fixed capital and working capital needs. Based on the source of generation, it is … [Read more...]
Difference Between Unity of Command and Unity of Direction
Henry Fayol, a Mining Engineer and Executive of France, who listed out 14 Principles of Management. Two such Management theories are Unity of Command and Unity of Direction. Unity of Command proclaims that each employee is accountable to one supervisor and thus, get orders from him, relating to the task to be performed. Unity of Direction, on the other hand, signifies that the series of activities having similar objective should be performed as per a single plan and that too under one … [Read more...]
Difference Between Revenue Reserve and Capital Reserve
In business, all the profit earned during a financial year is not utilized for payment of dividend to the shareholder, rather a certain amount is earmarked and retained in the business, so as to meet out future needs or cope with emergency situations, it is known as reserves. Based on the nature of profit from which reserves are created, they are grouped as revenue reserve and capital reserve. Revenue Reserve is created out of profit arising from day to day business operations while Capital … [Read more...]
Difference Between Audit Plan and Audit Programme
Audit Plan refers to the scheme formulated by the auditor that comprises of strategy or approach, that is followed for carrying out audit. On the other hand, audit programme implies a range of verification procedures, which are applied to the final accounts, to acquire audit evidence, and thus helping auditor in providing an informed opinion. While conducting the audit, the auditor requires evidence, in support of his opinion. A collection of evidence is the beginning of the auditing process. … [Read more...]
Difference Between Advertising and Personal Selling
Advertising is one of the widely used techniques of promotion, wherein modes like television, radio, newspapers, internet, etc. are used for creating demand or interest of the customers towards the product or services offered by the company. On the other hand, personal selling is the verbal communication of the message, to one or more customers, so as to create sales. Both advertising and personal selling are two major elements of promotion mix, which is employed by the organization to reach … [Read more...]
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