The contract can be defined as any agreement which is legally enforceable. So, the fundamental elements of a contract are agreement and enforceability as per law, wherein the agreement is a result of offer and acceptance. Based on the formation, contracts are grouped as, express contract, implied contract and quasi-contract. Express contracts connote the type of contract whose terms are expressly declared. On the other extreme, implied contracts are those contracts which are not expressly … [Read more...]
Difference Between Inbound and Outbound Logistics
Logistics activities include inbound logistics or outbound logistics. Inbound logistics refers to the sourcing, expediting and receiving of goods, that is coming to the business organization. On the other extreme, outbound logistics is all about warehousing, packaging and transporting of goods, going out of the organisation. Logistics is nothing but the management of the movement of materials, information and other resources between two points, i.e. from the point of inception to the point of … [Read more...]
Difference Between Mobile Banking and Internet Banking
Internet Banking or otherwise known as online banking is among the convenient e-banking modes, which caused the change in banking operations and provides virtual banking facilities to its customers continuously. In this method, the clients can access their bank account details, no matter where they are located, with the help of bank's website. Internet Banking is not similar to mobile banking, which implies a wireless, internet-based facility provided by the banks to their customers, to … [Read more...]
Difference Between Joint Venture and Strategic Alliance
Strategic Alliance can be termed as an arrangement wherein two or more entities come together to undertake common interest. Such an arrangement is in vogue in the contemporary business environment. Indeed, it is a response to the vigorous forces of globalisation, change in technology, deregulation and so forth, due to which the environment is now more complex and competitive in nature. One of the forms of strategic alliance is a joint venture, which can be understood as the temporary … [Read more...]
Difference Between Treasury Management and Financial Management
The term financial management is a part of accounting that deals with the management of finances of a business organisation, so as to meet the financial objectives. It is not exactly same as treasury management, which is all about the management of cash and funds of the firm. The main difference between treasury management and financial management lies in their level of activity. The financial management focuses on the long-term and strategic investments, but when it comes to treasury … [Read more...]
Difference Between Negotiation and Assignment
The most important feature of the negotiable instrument is that it can be freely transferred, which is possible in two ways, i.e. negotiation and assignment. Negotiation implies the transfer of negotiable instrument, that takes place in order to make the transferee, the holder of the instrument. On the other hand, assignment alludes to the transfer of ownership of the negotiable instrument, in which the assignee gets the right to receive the amount due on the instrument from the prior … [Read more...]
Difference Between Competitive Advantage and Core Competence
Competitive Advantage can be described as something, that the competing firms are not able to do, or it is something owned by the firm that the rivals firms wish to have. On the other extreme, Core competence is the distinct proficiency of the company, which cannot be imitated by its rivals. The two terms are closely related to one another, as these two, help in occupying a greater share of the market, satisfying customer, building brand loyalty, and delivering high-quality products to the … [Read more...]
Difference Between Cost Sheet and Production Account
To determine the prices of products produced by the company, it is worthwhile for one to know the difference between cost sheet and production account. Cost sheet is a statement in which the details of expenses incurred on a particular product or job, during a specific period are presented. It is not exactly same as production account, which is nothing but an extended version of the statement of cost. When the cost sheet is presented in the form of account, it is known as Production account, … [Read more...]
Difference Between Cost Allocation and Cost Apportionment
Departmentalization can be understood as a process of creating departments such as machining, personnel, fabrication, maintenance, stores, accounts, etc., in an organization, for the purpose of allocation and apportionment of overheads in a convenient way. The term allocation of cost is concerned with the complete cost items, whereas the apportionment of the cost is all about the proportion of cost items. Based on the relation of the cost item with the cost center or unit, to which it is … [Read more...]
Difference Between Joint Product and By-Product
There are many industries such as sugar industries, chemical industries, agricultural product industries, etc., where more than one products of equal or differential importance are manufactured, either concurrently or during the production of the main product. In this context, joint products and by-products are often studied. Joint products are the products which are produced simultaneously, with the same raw material and process, and requires further processing to become a finished product … [Read more...]
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