Category: KEY DIFFERENCES

SHORT RUN VS LONG RUN PRODUCTION FUNCTION – Notes for B.Com/BBA/ MBA/ M.com

August 6, 2019 commerceiets No Comments

SHORT RUN VS LONG RUN Production Function: SHORT PERIOD PRODUCTION FUNCTIONS: The time period in which some factors of production are fixed while some factors of production are variable, is known as short period. It explains the technical relationship between outputs and inputs in the short run. The fixed factor is land and the variable…

KEY DIFFERENCES, MICRO ECONOMICS

LAW OF DEMAND VS ELASTICITY OF DEMAND

August 6, 2019 commerceiets No Comments

Before understanding the difference between Law of Demand vs Elasticity of Demand, both concepts should be clear: LAW OF DEMAND Law of demand explains the relationship between price of the commodity and its demand. The law states that there is inverse or negative relationship between the demand and price of the commodity, ceteris paribus i.e….

KEY DIFFERENCES, MICRO ECONOMICS

DIFFERENCE BETWEEN DOUBLE AND SINGLE ENTRY SYSTEM

August 4, 2019 commerceiets No Comments

Difference between double and single entry system Before understanding the difference between Double & Single entry System, both concepts should be understood: SINGLE ENTRY SYSTEM Single Entry System in accounting is a system in which the proprietors or the firms do not follow specific rules of double entry system to maintain accounts. It is an Incomplete Record…

11 ACCOUNTANCY, FINANCIAL ACCOUNTING, KEY DIFFERENCES

DIFFERENCE BETWEEN ACCOUNTING CONCEPTS AND CONVENTIONS

July 31, 2019 commerceiets No Comments

Difference between Accounting Concepts and conventions Before understanding the Difference between Accounting Concepts and Conventions, the both concepts should be known. ACCOUNTING CONCEPTS The Accounting Concepts are the foundation of the accounting. These concepts are the assumptions which are generally accepted and followed while performing the recording of transactions and preparation of final accounts. The…

11 ACCOUNTANCY, FINANCIAL ACCOUNTING, KEY DIFFERENCES

DIFFERENCE BETWEEN CAPITAL AND REVENUE RECEIPT

July 31, 2019 commerceiets No Comments

Difference between capital and revenue receipt Before understanding the Difference between Capital and Revenue Receipt, the concept of capital receipt and revenue receipt must be known: CAPITAL RECEIPT Capital receipt is the amount received by the enterprise which is not revenue in nature and leads to an overall increase in the total capital of the…

11 ACCOUNTANCY, FINANCIAL ACCOUNTING, KEY DIFFERENCES

DIFFERENCE BETWEEN CAPITAL EXPENDITURE AND REVENUE EXPENDITURE

July 29, 2019 commerceiets No Comments

DIFFERENCE BETWEEN CAPITAL EXPENDITURE AND REVENUE EXPENDITURE To understand the difference between capital expenditure and revenue expenditure, the concepts of capital expenditure and revenue expenditure are as follows: CAPITAL EXPENDITURE The expenditure incurred by the business enterprise for the purchase of fixed assets or to repay the loan is known as Capital expenditure. This is…

FINANCIAL ACCOUNTING, KEY DIFFERENCES

CASH AND MERCANTILE SYSTEM OF ACCOUNTING

July 18, 2019 commerceiets 2 Comments

Cash and Mercantile System of accounting Cash and Mercantile system of Accounting is as follows: CASH BASIS OF ACCOUNTING Under cash basis of accounting, the transactions are recorded when actual cash is received or paid. It means, the income is recognized when cash is received and the expenses are recognized when the cash is paid….

11 ACCOUNTANCY, FINANCIAL ACCOUNTING, KEY DIFFERENCES

BOOK KEEPING AND ACCOUNTANCY

July 15, 2019 commerceiets No Comments

DIFFERENCE BETWEEN BOOK KEEPING AND ACCOUNTANCY Book-Keeping is an art and science of recording business transactions in a systematic and chronological order. It is a combination of two words: Book + Keeping. It means to keep the books of accounts to record all the financial transactions. It is concerned with identification of transactions and events,…

11 ACCOUNTANCY, FINANCIAL ACCOUNTING, KEY DIFFERENCES

DIFFERENCE BETWEEN ACCOUNTING AND ACCOUNTANCY

July 15, 2019 commerceiets No Comments

DIFFERENCE BETWEEN ACCOUNTING AND ACCOUNTANCY To understand the Difference Between Accounting and Accountancy, these both terms should be understood: Accounting refers to the mechanism of maintaining and keeping the records of the transactions and events and also its analysis and interpretation. It also includes the preparation of final accounts i.e. Trading and Profit and Loss…

11 ACCOUNTANCY, FINANCIAL ACCOUNTING, KEY DIFFERENCES

DIFFERENCE BETWEEN BOOK KEEPING AND ACCOUNTING

July 15, 2019 commerceiets No Comments

DIFFERENCE BETWEEN BOOK KEEPING AND ACCOUNTING To understand the Difference between Book keeping and Accounting, firstly we understand the both terms: Book-Keeping is an art and science of recording business transactions in a systematic and chronological order. It is a combination of two words: Book + Keeping. It means to keep the books of accounts…

11 ACCOUNTANCY, FINANCIAL ACCOUNTING, KEY DIFFERENCES