Sacrificing Ratio is the ratio of sacrifice as to the part of profit made by the old partners, in favor of the one who is entering the firm. On the other side, the gaining ratio is the ratio of gain in the share of profit, received by the continuing partner when one of the partners resigns or leaves the firm. Change in Profit Sharing Ratio Change in the Profit Sharing Ratio (PSR) is due to the following reasons Purchase of a share of profit by one partner from another leads to a change in … [Read more...]
Difference Between Seasonal Unemployment and Disguised Unemployment
Disguised Unemployment refers to a form of unemployment that cannot be seen or noticed from outside, as it remains hidden. Basically, in disguised unemployment, it looks like everyone is employed however, ample full-time work is not available for all. On the contrary, Seasonal Unemployment is that type of unemployment in which people are not able to find any work for themselves during certain months of the year. What is Unemployment? Unemployment can be defined as a state of being without paid … [Read more...]
Difference Between Collaborative Learning and Cooperative Learning
Cooperative Learning and Collaborative Learning are commonly used in group activities aimed to attain a common objective. In collaborative learning, it is the students who organize their efforts among themselves. In short, it is group structured. On the other side, in cooperative learning, students are divided into groups and the teacher assigns specific roles and tasks to each student, and so it is a teacher-structured activity. While collaborative learning is a voluntary activity, wherein … [Read more...]
Difference Between Purchase Book and Purchase Account
In a business, purchases are made by the firm to keep a stock of goods for the purpose of reselling it to customers and also for producing other products. When the purchases are made, they are recorded in the purchase day book first which indicates the name of the supplier and other details as to the product bought. Thereafter, the total is transferred to the Purchases account every month from the Purchases Book. Purchase Book is a book of original entry, just like Journal. In fact, it is a … [Read more...]
Difference Between Manuscript and Inscription
In olden times, in the absence of any medium of communication and technology, people used to store data in the form of written records. During that time, people used to write on palm leaves or bark of a tree and that handwritten sheet is popularly known as a manuscript. A script is a form of writing, which over a period of time evolved as language and then it is developed as literature. At that time, important messages and memories are engraved on rocks, pillars, clay tablets, and copper … [Read more...]
Difference Between Novation and Alteration
Novation is a situation in which a fresh contract is substituted for an old contract, between the same or different parties, whereas alteration is when there is a change in the terms and conditions of the contract. What is Discharge of Contract? To put simply, discharge means cancel, hence discharge of a contract means its cancellation. When there is the cessation of contractual relation amidst the parties, i.e. promisor and promisee, it is called the discharge of contract. This means that the … [Read more...]
Difference Between Strategic Control and Operational Control
Strategic Control is all about following the trail or movements of the strategy as it is implemented in order to identify the areas of issue or potential areas of the issue so that necessary adjustments can be made. On the other hand, operational control is a subset of management control whose aim is to regularly monitor and check the routine business operations so as to confirm the consistency and quality in business activities. Strategic Control focuses on attaining future goals and not … [Read more...]
Difference Between Bad Debts and Doubtful Debts
Bad Debt refers to the sum due from the debtors, which remains unrealized, and so they are written off in the company's books of accounts. As against, doubtful debts refer to the debt, with which there is an uncertainty, as to the degree to which amount will be recovered from the debtor. Who are Debtors? Goods and services are sold for the purpose of generating revenue for the business. However, all the goods are not sold in cash, and goods on credit are allowed to a number of customers. So, … [Read more...]
Difference Between Expenses and Expenditure
The words 'expenses' and 'expenditure' are commonly used as synonyms, but there is a fine line of differences between them. While expense refers to the amount spent on the production or selling of the goods and services, so as to generate revenue, expenditure implies any type of disbursement of funds made by the enterprise. While expense denotes consumption of cost, expenditure indicates outlay of funds. It is worth noting that expenditure is a broad term that covers expenses. Further, the … [Read more...]
Difference Between Accounting and Accountancy
Accounting is meant to keep a complete record of the business transactions in a sequential manner, which forms a base for the preparation of the financial statements of the company. It aims at providing information to the interested parties to make sound financial decisions. Accounting is a business language in which the economic activities of the enterprise are recorded and presented. On the contrary, the profession opted by accountants is termed accountancy. Who is an Accountant? An … [Read more...]
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