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 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 […]
Difference Between Quick Ratio and Current Ratio
Quick Ratio vs Current Ratio It is foolhardy to assess a company’s financial performance on the basis of one or two economic indicators as financial experts will tell you. However, in reality it is common for people to have a look at some of the common performance indicators to gain an insight into company’s performance. […]
Difference Between Deficit and Debt
Deficit vs Debt Debt is akin to a loan that a common man has taken from a bank. As long as he is able to pay back installments on time, he is said to be servicing the debt or loan normally. It is only when he is irregular or is not able to pay his […]
Difference Between Cost Centre and Cost Unit
Cost Centre vs Cost Unit Cost center and cost unit are two concepts that sound similar, and are thus, very confusing to those outside an organization. These are terms that are applied mostly in terms of a business environment where cost and profit are involved. What makes it more confusing is the similarity of cost […]
Difference Between Activity Based Costing and Traditional Costing
Activity Based Costing vs Traditional Costing Costs associated with a product can be categorized as direct costs and indirect costs. Direct cost, is the cost which can be identified with the product, while indirect costs are not directly accountable to a cost object. Cost of materials, direct labour cost such as wages and salaries are […]
Difference Between Capital and Asset
Capital vs Asset Words like capital and asset are very frequently encountered by accountants and those involved in preparing financial statements of businesses. These are related concepts because of which sometimes people get confused whether it is capital or an asset that is the correct term to be utilized in the financial statement. There is […]
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