Loan is referred to a sum of money borrowed from bank or financial institution for a particular period, that requires repayment along with interest. These days, loans are considered as the best means of availing finance for any purpose like education, construction of a house, purchasing the car or any other business requirement. There are two types of loan, namely, secured loan and unsecured loan. When a loan is secured the borrower pledges some asset as security against the loan. On the … [Read more...]
Difference Between Fiscal Policy and Monetary Policy
The economic position of a country can be monitored, controlled and regulated by the sound economic policies. The fiscal and monetary policies of the nation are the two measures, which can help in bringing stability and developing smoothly. Fiscal policy is the policy relating to government revenues from taxes and expenditure on various projects. Monetary Policy, on the other hand, is mainly concerned with the flow of money in the economy. Fiscal policy alludes to the government's scheme of … [Read more...]
Difference Between Journal and Ledger
Double entry system of bookkeeping says that every transaction affects two accounts. There is a proper procedure for recording each financial transaction in this system, called as accounting process.The process starts from journal followed by ledger, trial balance, and final accounts. Journal and Ledger are the two pillars which create the base for preparing final accounts. The Journal is a book where all the transactions are recorded immediately when they take place which is then classified and … [Read more...]
Difference Between VAT and Service Tax
Tax can be understood as the monetary obligation charged by the Government on income, activity or commodity. It is collected in order to serve the basic purpose of providing revenue to the government, so as to fulfill social and economic objectives. The tax is levied both on physical and non-physical items. Here, we are talking about indirect taxes which are imposed on goods and services. The tax charged on goods is known as Value Added Tax (VAT), whereas only Service Tax is charged on … [Read more...]
Difference Between Tax and Duty
The government earns revenues from various sources, and one of its principal means of income is tax and duty. They help the government to provide public utility services to the people of the country like medical, railway, postal, education, banking, food, infrastructure, etc. Tax is the financial charged levied by the Government on the income, activity or commodity. It is into two main categories Direct Tax and Indirect Tax. Direct tax includes income tax or wealth tax. On the other hand, … [Read more...]
Difference Between Transactional and Transformational Leadership
Leadership is a trait of influencing the behavior of individuals, in order to fulfill organizational objectives. A number of leadership theories have been propounded by various management experts considering behaviour, traits, nature, etc. namely, Authoritarian, Laissez-faire, Transactional, Transformational, Paternalistic and Democratic. Transactional Leadership or otherwise known as management leadership, refers, to a leadership style which lays emphasis on the transaction between leader and … [Read more...]
Difference Between Current Account and Capital Account
The balance of payment is the record of dealings in goods, services and assets, between the citizens of the nation and the rest of the world. It is divided into two parts, i.e. Current Account and Capital Account. Current Account is an account showing the trade of merchandise, whereas the Capital Account gives place to all capital transactions. While current account is used to keep a track on the movement of money in and out the economy, during a particular period. The capital account, on the … [Read more...]
Difference Between Central Sales Tax (CST) and VAT
CST is charged on interstate sales, by the central government, but collected by that state government in which sales have been made. On the contrary, VAT is a state-level multipoint tax, imposed in the value addition in the product, collected at various stages production and distribution. It contains a provision of set-off for the tax paid at the earlier stage. There are hundreds of sale transactions that takes place every moment around the world. The selling price of the product includes … [Read more...]
Difference Between Balance of Trade and Balance of Payments
After the implementation of globalization policy, world has become a small village and now every contry freely transacts with the other countries of the world. In this context, two statements are prepared to keep a record of the transactions made by the country internationally; they are Balance of Trade (BOT) and Balance of Payments (BOP). The balance of payment keeps a track of transaction in goods, services, and assets between the country's residents, with the rest of the world. On the … [Read more...]
Difference Between Central Bank and Commercial Banks in India
In any country's financial sector, banks play a crucial role in the overall economic development, by mobilizing savings of individuals and entities. They act as an intermediary amidst depositor and borrower. Besides lending money, banks provide various other value added services, that help in the smooth functioning of the economy. The Central bank, as the name suggest is the apex body, that regulates the entire banking system of the economy. The Central bank is not exactly same as a … [Read more...]
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