Accounts Payable vs Accounts Receivable Accounts payable and receivable are two important factors in the decision making of working capital and, therefore, it is valuable to know the difference between accounts payable and accounts receivable. Every business organization typically deals with numerous credit transactions in its day-to-day activities. As a result of these credit transactions, […]
Difference Between IFRS and AASB
IFRS vs AASB An accounting standard can be defined as a set of rules and procedures that need to be followed in preparing financial statements at the end of a financial year. This article evaluates the purposes and the importance of AASB accounting body and IFRS standards that are linked with the international accounting […]
Difference Between Inventory and Assets
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 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 Accounting Concepts and Conventions
Accounting Concepts vs Conventions At the end of each financial year, financial statements are prepared by firms for a number of purposes, which include summarizing all activities and transactions, review the firm’s financial status, evaluate performance, and to make comparisons between previous years, competitors, and industry benchmarks. The financial statements prepared must be consistent […]
Difference Between Sunk Cost and Relevant Cost
Sunk Cost vs Relevant Cost Sunk costs and relevant costs are two distinctive types of costs that firms frequently incur in the running of businesses. Sunk costs and relevant costs both result in an outflow of cash and can reduce the firm’s income and profitability levels. Despite the fact that they both incur a […]
Difference Between ROCE and ROE
ROCE vs ROE Capital is required to start up and run business operations. Capital for such business operations may be obtained using many methods such as issuing shares, bonds, loans, owner’s contributions, etc. It is important to consider the return that a company derives from such forms of capital that are invested in the […]
Difference Between Fixed Cost and Sunk Cost
Fixed Cost vs Sunk Cost Sunk costs and fixed costs are two types of costs that a business incurs in the various business activities carried out. While sunk costs and fixed costs both result in an outflow of cash, sunk costs and fixed costs are quite different in terms of the manner in which […]
Difference Between Amortization and Impairment
Amortization vs Impairment A firm owns a number of assets including fixed assets that are used in the production of goods and services, current assets that can be used to cover day to day expenses, and intangible assets such as a company’s goodwill. Assets are recorded in the firm’s balance sheet at their cost […]
Difference Between Contribution Margin and Gross Margin
Contribution Margin vs Gross Margin Gross margin and contribution margin are quite similar to one another and are important indicators of a company’s profitability. They both offer information that is important to make decisions regarding production levels. Contribution allows a company to calculate the breakeven point (which is the amount of goods that need […]
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