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 […]
Difference Between Annuity and Sinking Fund
Key Difference – Annuity vs Sinking Fund Annuity and sinking fund are two types of investment options exercised by investors. Annuity is an investment that offers payments for a certain period of time as a result of a substantial sum paid up front. Investing in a sinking fund is similar to keeping aside a […]
Difference Between Actual Cash Value and Replacement Cost
Key Difference – Actual Cash Value vs Replacement Cost Individuals and companies purchase insurance policies to claim benefits in a situation of damage to property or assets due to unforeseen circumstances. Actual cash value and replacement cost coverage are two methods offered by insurance companies to replace the damaged, destroyed or stolen assets. The […]
Difference Between Trade Discount and Settlement Discount
Key Difference – Trade Discount vs Settlement Discount Companies grant discounts for customers in order to provide incentives for them to purchase more products. This is a widely utilized sales technique in all types of organizations and, trade discount and settlement discount are two main types of discounts granted. Trade discount is given at […]
Difference Between General Ledger and Sub Ledger
Key Difference – General Ledger vs Sub Ledger Recording financial information is a lengthy and time-consuming process, and its end result is the preparation of year-end financial statements. A business conducts many transactions within an accounting year, and these should be recorded in different accounts according to corresponding accounting standards. General ledger and sub […]
Difference Between P&L and P&L Appropriation Account
Key Difference – P&L vs P&L Appropriation Account Companies prepare a number of accounts and statements at the financial year-end to communicate results. Some of these statements are published for the use of wider stakeholder range while others are prepared to assist in management decision-making. P&L and P&L Appropriation Account are such two statements […]
Difference Between Capital Account and Current Account
Key Difference – Capital Account vs Current Account Capital account and current account are the two key elements of the ‘Balance of Payments’ (BoP), which records a country’s economic transactions with other countries over a period of time. Capital account records changes in the capital of the economy due to capital receipts and expenditure […]
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