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Differences between National Income and Domestic Income What is National Income? National Income is defined as the total monetary value of all goods and services produced within a country during a given period. It represents an aggregate measure of national output or GDP and can be expressed in both nominal terms and real terms to […]
Difference between Expense and Expenditure What are expenses? In business, an expense is any amount of money spent on a regular basis for the operation or maintenance of your business. For example, the costs associated with operating and maintaining facilities (such as gas, electric, water/sewage), supplies that you use in making products (such as packaging […]
Difference between Sacrificing Ratio and Gaining Ratio What is Sacrificing Ratio? The ratio of sacrifice in favor of a partner who leaves the firm is known as the sacrificing ratio. When any partner leaves or resigns from the firm, then some partners gain and other partners lose to compensate their leaving profit share which leads […]
Difference between Bad Debt and Doubtful Debt What is a bad debt? Bad debt is a loan that has become worthless. Bad debts can occur as a result of a business decision or from outside circumstances, such as illness or death of the borrower. A lender may accept this loss by writing off the entire […]
Difference between Strategic Control and Operational Control What is Strategic Control? Strategic control is the process of developing an overall strategy for your business that will help you achieve what you want to accomplish. It is essentially the overarching goal or objective of your organization, and it includes a series of sub-goals that are focused […]
Difference between Purchase Book and Purchase Account: What is a Purchase Account? A purchase account is an asset that represents a liability in the form of goods or services purchased by a company. Purchase accounts are used to define what assets have been purchased and how much those assets cost, but also give companies the […]