Difference Between

Receipt vs Invoice It looks like such a simple question, isn’t it? You get a receipt for the payment you make for the purchases at a mall or supermarket whereas you raise an invoice for the good or services that you supply to a retailer or a manufacturer. There are many who think that differences between receipt... 

Invoice vs Statement Ever wondered why you get a bill or an invoice for other utilities while getting a credit card statement? What is the difference between an invoice and a statement of account? I am sure that like a majority of other people, you will be hard pressed to if asked to come out with differences... 

Invoice vs Purchase Order Have you heard about a document called purchase order? Yes, but don’t know what it is and confuse between this and an invoice? Then this article is for you and others who cannot differentiate between a purchase order and an invoice. Purchase Order If you are starting out on a small... 

Fixed vs Variable Annuities When you are young and strong, you are not really worried about your future as you are earning and fulfilling all the requirements of your family. But the way prices of commodities are rising, the really smart ones are those who take the decision of investing a part of their income... 

CAD vs CAE The use of computers for designing purposes is a broad subject that includes CAD, CAM, and CAE. Computer aided design, as it is popularly called makes use of a large number of tools that are designed to help and assist architects, engineers and designers in multifarious activities. Computer aided designing... 

Master vs Maestro Master and Maestro are common names of English language but here we shall confine ourselves to these two different cards issued by a single company known as Master Card Worldwide having its headquarters in New York. Along with Visa Card, MCW is perhaps the biggest credit and debit card company... 

LC vs SBLC Gone are the times when business was conducted on good faith. With more and more cases of default on payments coming to light, it has become common practice for suppliers of goods and services to ask their clients (buyers) to arrange for Letter of Credit from their banks to be sure of timely and correct... 

LC vs Bank Guarantee Letter of Credit and Bank Guarantee are two financial instruments that are very helpful to buyers and suppliers, especially when they are not too well known to each other or are just starting out on a venture. These two financial instruments are issued by banks to buyers and sellers and have... 

Association vs Organization We come across myriad organizations in our lives and sometimes it becomes confusing to differentiate between them on the basis of their nature, scope and purpose. One such type of organization is association. We know that there are various types of associations like PETA, sports associations,... 

Pay Order vs Demand Draft | Banker’s Check (Cheque) vs Demand Draft What do you do when you need to transfer money in somebody else’s account? You can either issue a cheque in the name of the party or you can get a pay order or a demand draft made in the name of the party from a bank. What are pay order and... 

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... 

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... 

Walkthrough vs Inspection Walkthrough and Inspection are two words that are used in organizational behavior and in business. The two terms are indeed different when it comes to their inner meanings. A walkthrough is nothing but an informal meeting that takes place to evaluate the performance of a product. ... 

Review vs Audit Review and Audit are two terms that are associated with the subject of Accounting. These two terms are to be understood with difference when it comes to their meanings. Actually the objectives of an audit of financial statements are different from the objectives of conducting a review of a company. An... 

Hedgers vs Speculators A jeweler needs certain amount of gold for sale of ornaments in the coming festive season. He has even advertised the latest designs of earrings, bracelets, and pendants through catalogs and has already secured orders from customers. But what if the prices of gold go up drastically after... 

MOA vs AOA MOA and AOA stand for memorandum of association and articles of association respectively and are important source of information for shareholders and other stakeholders in a company that has been duly incorporated. These are documents that are necessary at the time of formation of a company and must be...