Margin vs Profit If you are into business, you have to deal with many words and terms that are similar in meaning, and yet different from one another, as there are several ways to look at profit in a business. You have markup, profit, margin, gross profit, operating profit, net profit, and so on. But […]
Difference Between Accrual and Deferral
Accrual vs Deferral For those who are away from the world of accounting, accrual and deferral may sound like foreign words. But those who are accountants or keep books for an organization know the importance of these two concepts in any accrual based accounting procedure. This accounting recognizes events whether they are accrual or deferral […]
Difference Between Interest and Dividends
Interest vs Dividends We hear so much about interest and dividends as investors in different companies but we rarely pay attention to the basic differences between these two terms. Majority of people think of interest as the money paid by a company to its lenders and dividend as the sharing of profit that a company […]
Difference Between Internal Audit and Statutory Audit
Internal Audit vs Statutory Audit Though there is an accountant in all organizations to record the financial transactions and for general book keeping, companies have to pass through an audit that is a sort of scrutiny of the financial statements of the company prepared by the accountant. This statutory audit is carried out under the […]
Difference Between IASB and FASB
IASB vs FASB Before moving ahead, it would be pertinent to know the full forms of IASB and FASB. IASB is an acronym that stands for International Accounting Standards Board whereas FASB refers to Financial Accounting Standards Board. The two boards are international bodies that have been trying to evolve uniform financial accounting standards applicable […]
Difference Between GAAP and IASB
GAAP vs IASB With increase in international trade and also the size of companies operating in a number of countries, it became imperative for the world to have a uniform accounting standard applicable on all countries. This initiative was taken by International Accounting Standard Board (IASB) to set a framework of guidelines, known as GAAP, […]
Difference Between GAAP and GAAS
GAAP vs GAAS Cultural differences and evolution of different accounting principles in different parts of the world have meant that in this age of globalization, it is difficult to make a fair assessment of a company’s performance that is situated in a different country from yours. To bridge the gap between accounting principles of various […]
Difference Between Inventory and Stock
Inventory vs Stock Inventory and stock hold great significance for any manufacturing company. Inventory includes raw materials, goods in production, and finished goods that are all considered to be part of a company’s assets as they are either ready or will be ready fro sale to generate revenue for the company. Turnover of inventory is […]
Difference Between Creditor and Debtor
Creditor vs Debtor Creditor and Debtor are two terms that have to be understood with difference. They are two important terms often used in business circles. They have different meanings and connotations. A creditor is a person who lends money and hence is a person to whom a debt owes. A debtor is a person […]
Difference Between Opportunity Cost and Trade Off
Opportunity Cost vs Trade Off Trade off and opportunity cost are very old concepts that man has known since ages. In ancient times when currency system was not in existence, people depended upon bartering that was in effect a type of modern trade off. In a self sufficient community some people had one set of […]
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