Key Difference – Internal Check vs Internal Control Internal check and internal control are two frequently used terms in risk management which are often used interchangeably. However, subtle differences exist between the two since internal control is a broader concept compared to internal check. The key difference between internal check and internal control is […]
Difference Between Personal Income and Personal Disposable Income
Key Difference – Personal Income vs Personal Disposable Income Personal income and personal disposable income are two terms that should be distinguished accurately since they are used interchangeably despite their differences. The key difference between personal income and personal disposable income is that personal income refers to an individual’s total earnings in the form […]
Difference Between Disposable and Discretionary Income
Key Difference – Disposable vs Discretionary Income Disposable and discretionary income are two economic measures used to measure the amount of consumer spending. Both are important economic indicators that can be used to showcase economic robustness. Disposable and discretionary income are similar in nature apart from minor differences. The key difference between disposable and discretionary income is […]
Difference Between Cycle Count and Physical Inventory
Key Difference – Cycle Count vs Physical Inventory Inventory represent a significant portion of current assets and they should be managed effectively. Generally Accepted Accounting Principles (GAAP) and Internal Revenue Service (IRS) rules mandate companies to count complete inventory level on an annual basis or implement a perpetual counting system. The key difference between cycle […]
Difference Between Avoidable and Unavoidable Cost
Key Difference – Avoidable vs Unavoidable Cost Understanding the cost classifications of avoidable and unavoidable costs is vital in order to make a number of business decisions. The key difference between avoidable and unavoidable cost is that avoidable cost is a cost that can be excluded due to stoppage of conducting a business activity […]
Difference Between By Product and Waste
Key Difference – By Product vs Waste By product and waste are two components that should be managed effectively in order to control costs. The key difference between by product and waste is that by product is a secondary product obtained incidentally in the manufacturing process of the main product whereas waste is defined […]
Difference Between Contract and Purchase Order
Key Difference – Contract vs Purchase Order Both contract and purchase order are two ways of entering into a form of agreement. Agreements are commonly found in business and personal transactions and provide validity and distinct terms under which a specific task is to be completed. A purchase order is a type of contract. The […]
Difference Between Job Costing and Contract Costing
Key Difference – Job Costing vs Contract Costing Job costing and contract costing are two popular methods of specific order costing that are important for businesses that provide a customized product. However, there are a number of differences between the two that should be clearly understood in order to distinguish them from one another. […]
Difference Between Job Costing and Batch Costing
Key Difference – Job Costing vs Batch Costing Job costing and batch costing are two specific order costing systems that are used by businesses. When the products are different from one another, or when a range of products are manufactured by the same company, it is difficult to assign the costs using a standard basis. […]
Difference Between Relevant and Irrelevant Cost
Key Difference – Relevant vs Irrelevant Cost Relevant and irrelevant costs are two types of costs that should be considered when making a new business decision; thus, they are two main concepts in management accounting. Companies should clearly identify the changes to the cost structure as a result of a new decision they are […]
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