The two ways of carrying out statistical significance test of a characteristic, drawn from the population, with respect to the test statistic, are a one-tailed test and two-tailed test. The one-tailed test refers to a test of null hypothesis, in which the alternative hypothesis is articulated directionally. Here, the critical region lies only on one tail. However, if the alternative hypothesis is not exhibited directionally, then it is known as the two-tailed test of the null hypothesis., … [Read more...]
Difference Between ANOVA and ANCOVA
ANOVA is an effective technique for carrying out researches in various disciplines like business, economics, psychology, biology and education when there are one or more samples involved. It is often misconstrued with ANCOVA, as both are used to check the variance in the mean values of the dependent variable associated as a result of controlled independent variables, after considering the consequences of the uncontrolled independent variable. ANOVA is used to compare and contrast the means of … [Read more...]
Difference Between T-test and F-test
Hypothesis testing starts with setting up the premises, which is followed by selecting a significance level. Next, we have to choose the test statistic, i.e. t-test or f-test. While t-test is used to compare two related samples, f-test is used to test the equality of two populations. The hypothesis is a simple proposition that can be proved or disproved through various scientific techniques and establishes the relationship between independent and some dependent variable. It is capable of … [Read more...]
Difference Between LLC and LLP
The two most popular and flexible forms of business organisation are LLC and LLP. As these two combine the features of a general partnership and company, most of the people assume that they are one and the same thing. In LLP the internal governance structure is regulated by the partnership agreement, but in case of LLC, the same is regulated by the respective statute. The management of LLP is performed by the partners themselves, whereas the LLC's business affairs are looked after by the … [Read more...]
Difference Between Length and Height
Think of a solid object like a cube, cuboid, pyramid and so forth that have three-dimensions, which are length, width and height. Length refers to the extent of an object, i.e. it identifies how long an entity is. On the other hand, height implies the altitude of the object; that tells how tall an entity is? There are many students of mathematics, who have doubts regarding length and height of an object, as for them, these two dimensions are one and the same thing. But, this is not so, they … [Read more...]
Difference Between Lawyer and Attorney
When it comes to legal proceedings, people highly juxtapose, the epithets 'lawyer' and 'attorney', as these two share a number of common characteristics. A lawyer is a person who studies law and gives legal advice to the clients. These are the members at the bar. On the other hand, an attorney is a person who is so appointed to act on behalf of the client, in legal matters. To become an attorney, there is no compulsion to clear the bar exam, but if one wants to become lawyer, it becomes … [Read more...]
Difference Between Inductive and Deductive Reasoning
The process of thinking about something, in a rational manner, so as to draw valid conclusions, is known as Reasoning. It is a daily activity that we use to make decisions, which involves the construction of thoughts and converting them into a proposition to give reasons on why we have opted for a particular alternative over the other.Reasoning (logic) can take two forms - inductive reasoning or deductive reasoning. The inductive reasoning follows a particular flow or behaviour so as to make … [Read more...]
Difference Between Volume and Capacity
In our day to day life, we came across a number of three-dimensional (3-D) objects, which has a certain volume. The volume of a substance is the total amount of space that it covers, i.e. when we measure the space region taken up by a solid object it is called as volume. Conversely, Capacity alludes to the quantity of something that a container holds. In short, capacity is the container's volume. Due to many similarities, the volume is often confused with capacity, but there are less but … [Read more...]
Difference Between Tax Deduction and Tax Credit
One of the major concerns of the taxpayers, all around the world, is how to reduce their tax liability, without circumventing the law. There are two legitimate ways of reducing an assessee's tax liability, which is a tax deduction and tax credit. Tax Deductions are the claims, which can help in lowering the taxable income of the assessee, provided certain conditions are fulfilled. These can be claimed at the time filing income tax return. Due to some misconception, people juxtapose tax … [Read more...]
Difference Between Tax Planning and Tax Avoidance
An assessee can reduce his/her tax liability, by legitimate means, in two ways - tax planning and tax avoidance. The tax planning is described as the arrangement of financial activities in a way that the assessee can avail maximum tax benefit by making best possible use of all the legal benefits, i..e deductions, exemptions etc. On the other hand, the tax avoidance is a technique of refraining from tax liability, through just and fair means, but intends to defeat the fundamental motive of the … [Read more...]
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