Double Entry vs Single Entry An accounting system can be defined as an organized set of manual, accounting methods, procedures, and controls established to gather, record, classify, summarize, interpret, present timely and accurately for decision making. Book keeping is a process in which the financial records of a business are kept well organized, and up-to-date. […]
Difference Between Journal and Ledger
Journal vs Ledger Journal and ledger are two main words that often one come across either when studying the concepts of financial accounting or preparing financial statements. In the double entry system of accounting, ledgers and journals are playing a vital and important role. Before the preparation of final accounts, all the transactions occurred must […]
Difference Between Debit and Credit
Debit vs Credit Debit and credit are two concepts that are an integral part of any accounting system and also have great significance in lives of individuals in the form of debit and credit cards. Even a layman knows his account has been credited when he deposits money or a check drawn in his favor, […]
Difference Between Liability and Indemnity
Liability vs Indemnity Though, liability is a word that is used both in terms of individual as well as company level to describe what is owed to others, it is also used prominently in the insurance field. Here, it is used to describe the amount of money a person owes to another person or party […]
Difference Between Net Profit and Gross Profit
Net Profit vs Gross Profit Those who are into business know very well that there are glaring differences between gross and net profits and keep their profit margin at levels that they end up with some profit after taking into account all expenses. This is an important dichotomy for those who have never done business […]
Difference Between Liability and Provision
Liability vs Provision Liability and provision are accounting terms that are spread all over financial statements on the obligation side of the statement. While liability and provision are differentiated on some accounts in some countries, accountants in some other countries treat them as same and make no differentiation. This article attempts to resolve this dichotomy […]
Difference Between Liability and Debt
Liability vs Debt Liability and debt are related concepts that are important to understand. At a personal level, an individual may take a loan from a bank to construct a home for his family or to buy a car. He repays this money in installments, and this loan is considered a debt of the person. […]
Difference Between Liability and Asset
Liability vs Asset Ask anyone in your circle about the assets he has, and invariably the answers would include home and car. But, is your car and asset for you? Or for that matter, your home, which you have bought after taking a loan from a bank? Most people remains confused and cannot answer this […]
Difference Between Par Value and Face Value
Par Value vs Face Value Face value and par value are investment terms that are related to bonds and stocks; initial offerings are made available at par value of the face value to make them look attractive after listing, and the stocks mostly open at a rate higher than the face value bringing profits for […]
Difference Between Absorption Costing and Marginal Costing
Absorption Costing vs Marginal Costing The system of computing the cost of production is known as costing. The main purpose of any costing system is to identify the cost incurred for the production of a unit output. In a manufacturing company, identifying the cost associated with a unit product is very important to price the […]
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