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Posted byAdmin
Management Accounting vs Cost Accounting Management accounting and cost accounting are of great importance to any business, as both forms of accounting help in the decision making process when analyzing how best to allocate a company’s scarce resources. Cost accounting is a crucial part of management accounting and makes up a vital component in managing […]
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Accounting vs Auditing Auditing and accounting are two closely related concepts which stem from the same subject background of financial reporting, where one function cannot perform effectively without the other in place. The difference between the two is necessary to understand because the combination of these functions is essential, not just for the preparation of […]
Posted byClarisse
Implicit Cost vs Explicit Cost Implicit cost and explicit cost are terms used in accounting . As just about anything in accounting, there is always what we call as a relative cost to each transaction. However as these costs are measured, the most common types being mentioned are implicit and explicit cost. It is intriguing […]
Posted byOlivia
Bookkeeping vs Accounting Bookkeeping and accounting are two different departments dealing with the accounts of company. Bookkeeping is the initial stage, in which we keep the record of income and expenditure, whereas in Accounting department accountants analyze the company’s financial activity and prepare reports. Both are very important for the proper management and financial success […]
Posted byOlivia
Accounting vs Finance Accounting and finance both are parts of the broader subject of economics. Accounting is in itself a part of finance. Accounting has been in practice since centuries, only the methods have kept changing. It refers to the practice of recording all financial transactions in such a manner which is scientific and enables […]