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DIFFERENCE BETWEEN PERFECT AND MONOPOLISTIC COMPETITION In this post you will learn about perfect and monopolistic competition differences. PERFECT COMPETITION A Perfect Competition market is that type of market in which the number of buyers and sellers is very large, all are engaged in buying and selling a homogeneous product without any artificial restrictions and…
DIFFERENCE BETWEEN MONOPOLY AND MONOPOLISTIC COMPETITION MONOPOLY The word monopoly has been derived from the combination of two words i.e., ‘Mono’ and ‘Poly’. Mono refers to a single and poly to control. In this way, monopoly refers to a market situation in which there is only one seller of a commodity. There are no close…
The difference between Debit note and Credit note is as follows: DEBIT NOTE IN GST Debit note is a document issued by a supplier under Section 34(3)of CGST Act, 2017, when there is a need of increase in taxable value or increase in GST charged in invoice. The tax liability of the supplier will increase,…
DIFFERENCE BETWEEN PERFECT COMPETITION & MONOPOLY In this post you will study about difference between Perfect competition & Monopoly. PERFECT COMPETITION A Perfect Competition market is that type of market in which the number of buyers and sellers is very large, all are engaged in buying and selling a homogeneous product without any artificial restrictions…
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DIFFERENCE BETWEEN COMPOSITE AND MIXED SUPPLY COMPOSITE SUPPLY Composite supply means a supply is comprising two or more goods/services, which are naturally bundled and supplied in with each other in the ordinary course of business, one of which is a principal supply. It means that the items are generally sold as a combination. The items cannot…
FRAUD VS MISREPRESENTATION FRAUD Fraud means dishonestly making a false, untrue or misleading representation with a view to gain or with intention to cause loss. If the fraud results in injury to the deceived party, he/ she may claim damages for the tort of deceit. A contract obtained by fraud is voidable on the grounds…
COERCION VS UNDUE INFLUENCE The difference between coercion and undue influence is as follows: COERCION Coercion means using force to compel a person to enter into a contract. So force or threats are used to obtain the consent of the party under coercion, i.e it is not free consent. ACCORDING TO SECTION 15 OF INDIAN…
DIFFERENCE BETWEEN STANDARD COSTING AND BUDGETARY CONTROL The difference between standard costing and budgetary control is as follows: STANDARD COSTING Standard costing is a cost accounting technique which compares the results of actual production with the basic standard, as anticipated, in terms of costs so as to determine the reasons for discrepancies between the anticipated…
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EXPLICIT VS IMPLICIT COSTS The difference between Explicit vs Implicit costs are as follows: EXPLICIT COSTS Explicit costs refer to all those expenses made by a firm to buy goods directly. They include, payments for raw material, taxes and depreciation charges, transportation, power, high fuel, advertising and so on. According to Leftwitch, “Explicit costs are…
PROCESS COSTING VS JOB COSTING Process Costing vs Job Costing is as follows: JOB COSTING Job costing or job order costing also called specific order costing is a method of costing which is used when work is undertaken as per the customer’s special requirement (tailor-made). ACCORDING TO INSTITUTE OF COST AND MANAGEMENT ACCOUNTANTS, LONDON “Job…
