Key Difference – Sundry Debtors vs Sundry Creditors The term ‘sundry’ is used to describe an income/expense that is relatively small or occur infrequently and therefore not assigned to specific ledger accounts. They are also known as ‘miscellaneous income/expenses’ and are classified together as a group when they are presented in financial statements. The key difference […]
Difference Between Incremental and Zero-based Budgeting
Key Difference – Incremental vs Zero-based Budgeting Budgeting is an important exercise carried out by organizations to assist planning for the future. Budgeting provides a basis to compare results with, evaluate performance and to take corrective actions for the future. Incremental and zero-based budgeting are two widely used methods for budget preparation. The key […]
Difference Between Cost Control and Cost Reduction
Key Difference – Cost Control vs Cost Reduction Cost control and cost reduction are two terms that are sometimes used interchangeably; however, they have different meanings. These two represent an integral part in cost accounting, gaining constant attention of management. The key difference between cost control and cost reduction is that cost control is […]
Difference Between Sinking Fund and Amortization
Key Difference – Sinking Fund vs Amortization Investing is an activity that contains a number of options that can often be tailor made to various investor requirements. Funds can be set aside for future use or can be borrowed in order to be used in an investment. The key difference between sinking fund and […]
Difference Between Absorption Costing and Activity Based Costing
Key Difference – Absorption Costing vs Activity Based Costing Cost accounting can use a number of methods to allocate costs to products where each consist of their own merits and demerits. Costing is a vital contributor in deciding the selling prices; thus costs should be determined accurately. Absorption costing and activity based costing are […]
Difference Between Discount Allowed and Discount Received
Key Difference – Discount Allowed vs Discount Received Discounts is a main business strategy used by many companies. The two terms allowed and received themselves in discount allowed and discount received make it easy to understand the difference between the two terms. The key difference between discount allowed and discount received is that discount […]
Difference Between Idle Cost and Standard Cost
Key Difference – Idle Cost vs Standard Cost Cost is a vital aspect of businesses that should be effectively managed to obtain higher profit margins. Through proper planning, effective resource allocation and constant monitoring and control, costs can be maintained at an acceptable level. Idle cost and standard cost are two commonly used terms […]
Difference Between Gross Margin and EBITDA
Key Difference – Gross Margin vs EBITDA Profit, also commonly referred to as earnings, is considered to be the most important element in any business. Various profit amounts can be calculated through inclusion and exclusion of costs and income. Gross Margin and EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) are two such earning […]
Difference Between Costing and Cost Accounting
Key Difference – Costing vs Cost Accounting Costs and revenue are the two deciding elements of profits. By growing the revenue base and maintaining costs at an acceptable level, companies can make higher profits. Costing and cost accounting is used to manage and arrive at decisions regarding costs. The key difference between costing and […]
Difference Between Cost and Expense
Key Difference – Cost vs Expense Cost and expense are two widely used terms in accounting which are also used interchangeably. However, they have different meanings and should be interpreted accurately. The key difference between cost and expense is that cost is the monetary value spent to obtain something whereas expense is an item […]
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