Inventory vs Assets Assets are the resources owned by the company , and these assets can be classified as fixed assets and current assets. Inventory is a specific type of current asset which can be classified into raw materials, work in progress and finished goods. Although both are categorized as assets, they are treated […]
Difference Between Factoring and Forfeiting
Factoring vs Forfeiting Factoring and forfeiting are both mechanisms used in financing international trade transactions to secure receipts of unpaid invoices and receivables. In both, the risk of debt collection is passed down from the seller to a third party, and depending on whether the agreement is recourse or non-recourse the third party bears […]
Difference Between Factoring and Invoice Discounting
Factoring vs Invoice Discounting Factoring and invoice discounting are methods used by sellers of goods and services to obtain payment on their invoices and receivables through banks and financial institutions that offer factoring and invoice discounting services. Factoring and invoice discounting offer businesses an avenue in which to recover their tied up capital and […]
Difference Between Double Entry System and Double Account System
Double Entry System vs Double Account System The double entry system is an accounting system that is used and accepted worldwide for the maintaining of accounts. The double account system, on the other hand, was developed specifically for public utility firms that spent a large sum of capital on the purchase of fixed assets. […]
Difference Between Cheque and Demand Draft
Cheque vs Demand Draft Businesses and individuals use a number of payment mechanisms to transfer funds, settle transactions and make payments. Most of these transactions occur through the aid of banks and financial institutions. Cheques and demand drafts are two such methods used for transferring funds and making payments. Despite them serving the same […]
Difference Between Bank and Financial Institution
Bank vs Financial Institution Financial institutions can be divided into two types: banking financial institutions and non-banking financial institutions. Banking financial institutions include commercial banks whose primary role is to accept deposits and make loans. Non-banking financial institutions include investment banks,insurance companies, finance firms, leasing companies, etc. The following article takes a closer look […]
Difference Between Bank Draft and Cheque
Bank Draft vs Cheque Cheques and bank drafts are services that are provided by a bank to its customers in order to make payments for goods and services. While they may sound similar to one another there are a number of important differences. The main difference being that a cheque is issued by the […]
Difference Between Coinsurance and Deductible
Coinsurance vs Deductible Coinsurance and deductible are payments made by a patient towards the cost of a medical bill under a medical insurance policy. These payments require the patient to share the cost of the medical bill with their insurance company, as insurance companies in certain countries do not cover the total medical cost. […]
Difference Between Copay and Coinsurance
Copay vs Coinsurance Health or medical insurance is an insurance coverage that is purchased for the purpose of providing protection and coverage against health related risks. Medical insurance is unique insurance cover with its own terminology and unique structure. Medical insurance does not cover 100% of the cost, and the portion of the cost […]
Difference Between Copay and Deductible
Copay vs Deductible Health insurance offers a patient coverage against the costs of medical expenses. However, health insurance policy in certain countries such as the United States does not cover 100% of the patient’s bill and requires the patient to make a contribution as well. There are a number of methods that insurance companies […]
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