Accounting is an art of systematically keeping the record of business events and transactions, so as to ascertain the financial position and profitability of the company at the end of financial year. It is not exactly same as finance. Technically, finance is a part of economics which is concerned with resource allocation and management. While accounting aims at providing financial information of the company to the users for the purpose of rational decision making, finance focuses on matters … [Read more...]
Difference Between Voucher and Invoice
To keep a complete record of business transactions, vouchers and invoices are maintained by the company in support of the financial statements. Voucher refers to a printed document, that is used as a witness for a transaction, like the purchase of product or asset, payment of the liability. It keeps a record of the ledger account, in which the transaction is recorded. As against this, the invoice is a non-negotiable instrument prepared by the seller and sent to the customer, containing the … [Read more...]
Difference Between Financial Accounting and Management Accounting
Accounting, refers to the process of recording, classifying and summarizing in monetary terms, the business transactions and events and interpreting the results. It is used by entities to keep a track of their financial transactions. Financial Accounting and Management accounting are the two branches of accounting. Financial accounting stresses on giving true and a fair view of the financial position of the company to various parties. On the contrary, management accounting aims at providing … [Read more...]
Difference Between Cash Flow and Fund Flow Statement
Cash Flow statement shows the changes in the cash position (Inflows and outflows) of a firm. It is an analytical reconciliation statement which explains the reasons for the differences between the opening and closing cash balances over a period. On the other hand, Fund Flow statement is a statement that shows the ups and downs of the financial position or the changes in working capital of the entity between the two financial years. The financial position of any company can be better … [Read more...]
Difference Between Insolvency and Bankruptcy
Insolvency can be defined as a financial condition, where an individual or entity is unable to meet the financial obligations as they are due for payment. It is often confused with the term bankruptcy, but they are different. Bankruptcy is a situation when the court of law has declared the insolvency of a person or entity and passed orders for its resolution, i.e. the property of the bankrupt is disposed off, so as to pay creditors. In other words, the fundamental difference between … [Read more...]
Difference Between Pvt Ltd and Public Ltd Company
A private company is a closely held one and requires at least two or more persons, for its formation. On the other hand, a public company is owned and traded publicly. It requires 7 or more persons for its set up. There are vast differences between Pvt Ltd. and Public Ltd Company. In the business glossary, it is no wonder that the term company is used commonly. It is that form of business organization, which enjoys certain advantages over other forms such as sole proprietorship or … [Read more...]
Difference Between Assets and Liabilities
In business and accounting terminology, you might have heard the terms, assets, and liabilities, quite often. Assets can be understood as the items of property, which an individual or company owns. They have a specific value and can be utilized to meet obligations like debt, commitment, and legacies. On the other hand, liabilities refers to the obligations of an individual or entity, which is required to be fulfilled, in future. In short, an asset is what a company owns, while the liability … [Read more...]
Difference Between Purchase Order and Sales Order
The purchase order is a written commercial document issued by the buyer to the seller, comprising of containing types, prices, quantity, quality and terms of the goods to be delivered. On the other hand, the sales order is a confirmation document prepared by the seller and sent to customers before the delivery of specified goods, at the customer's place. Both purchase order and sales order become binding, when the party to whom it is issued, accepts it. While purchase order authorizes the … [Read more...]
Difference Between Trade Discount and Cash Discount
A trade discount is one that is allowed by the wholesaler to the retailer, calculated on the list price of the product, whereas cash discount is allowed to stimulate instant payment of the goods purchased. The main difference between trade discount and cash discount is that ledger account is opened for a cash discount, but not for a trade discount. One of the easiest ways to increase sales and so boost profit, used by various traders, businessman, and shopkeepers all around the world, is to … [Read more...]
Difference Between MBA and PGDM
MBA stands for Master in Business Administration, is a degree course provided by a recognized university. On the other hand, Post Graduate Diploma in Management (PGDM) is a diploma program, provided by autonomous institutions and colleges, or deemed universities. Nowadays, students are very much concerned about their career, as they want to pursue such a course which not only give a boost to their career but provides various opportunities to learn new skills. This lands an individual to a … [Read more...]
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