Based on the association with the product, cost can be classified as product cost and period cost. Product Cost is the cost that is attributable to the product, i.e. the cost which is traceable to the product and is a part of inventory values. On the contrary, Period Cost is just opposite to product cost, as they are not related to production, they cannot be apportioned to the product, as it is charged to the period in which they arise. Product cost comprises of direct materials, direct … [Read more...]
Difference Between Explicit Cost and Implicit Cost
Based on payment, costs are classified into two categories; they are Explicit Costs and Implicit Costs. Explicit Cost is the cost which is actually incurred by the organization, during production. On the other hand, Implicit Cost, are just opposite to the explicit cost, as the organization does not directly incur them, but they are implied in nature which does not involve a cash payment. The former is an out of pocket cost, while the latter is an opportunity cost. Explicit Cost refers to the … [Read more...]
Difference Between Quality Assurance and Quality Control
The major elements of the quality management, are quality assurance and quality control. Quality Assurance, assures that the right production process is performed in the right manner. Quality Control, on the other hand, ensures that the product will match the requisite standard. While the former stresses on preventing from defects, the latter concentrates on identifying the defects. At present quality, is king, it is one of the major concern of every customer, it is decided by the customer … [Read more...]
Difference Between Hire Purchasing and Leasing
Nowadays, if you want to use an asset, you don't need to purchase it from the seller. There are many offers whereby, you can use the asset just by paying the price for using it, such as Hire Purchasing and Leasing. The former is a business deal in which the purchaser of the asset, pays a small amount at the beginning and the rest of the price in installments. On the contrary, the latter is an agreement between two parties in which the lessor purchases the asset and permits the lessee, use the … [Read more...]
Difference Between Debit Note and Credit Note
Millions of purchase and sale transactions occur in day to day life, and so does the returns are made by many customers, when the find the products are not upto their requirement. Debit Note and Credit Note are used while the return of goods is made between two businesses. Debit Note is issued by the purchaser, at the time of returning the goods to the vendor, and the vendor issues a Credit Note to inform that he/she has received the returned goods. When the goods are returned to the seller … [Read more...]
Difference Between Debtors and Creditors
In the normal course of business, goods are bought and sold on credit, which is not a new thing. Selling and purchasing of goods on credit change the relationship between buyer and seller into debtor and creditor. Debtors are the one, to whom goods have been sold on credit, whereas Creditors are the parties who sold the goods on credit. They both are relevant for an effective working capital management of the company. Debtors are an integral part of current liabilities and represent the … [Read more...]
Difference Between Oral Communication and Written Communication
Words play a crucial role in communication process, to transmit the message in the way it is intended to be conveyed. When words are used in the process of communication, it is known as verbal commnication. Verbal transfer of information can be performed, orally or in written form. Oral Communication is the oldest means of communication, which is most commonly used as a medium for the exchange of information. It involves gathering or disseminating information through spoken words. Written … [Read more...]
Difference Between Fixed Deposit and Recurring Deposit
When it comes to savings, every person wants to earn high returns on its deposits. Deciding which banking product is best for us is a tough task. There are various deposit schemes started by banks in which a person can invest money as per his convenience. Fixed Deposit or FD is one of those scheme, in which the user invests his money for a long time in a lump sum. Similarly, Recurring Deposit or RD is a kind of bank account in which the customer has to deposit a fixed sum of money in short … [Read more...]
Difference Between Loans and Advances
Money is an essential element for any business, because it fulfills the short term and long term requirement of funds. It is nt possible for the owner to bring all the money himself, so he/she take recourse to loans and advances. Loans refer to a debt provided by a financial institution for a particular period while Advances are the funds provided by the banks to the business to fulfill working capital requirement which are to be payable within one year. The loan amount is required to be … [Read more...]
Difference Between Shareholders and Stakeholders
Shareholder is a person, who has invested money in the business by purchasing shares of the concerned enterprise. On the other hand, stakeholder implies the party whose interest is directly or indirectly affected by the company's actions. The scope of stakeholders is wider than that of the shareholder, in the sense that the latter is a part of the former. Stakeholders represents the entire micro-environment of the business. While shareholder own the company's share by paying the price for it, … [Read more...]
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