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Difference Between Accounting Concept and Accounting Convention (With Table)

Accounting has a central place to occupy whether it is a common home, government, or a business enterprise especially. Accounting ensures the prevention of fraud, illegal practices and traces the losses well. Accounting concepts and accounting conventions are two types of accounting principles based on which accounting happens. Accounting Concept vs Accounting Convention The main …

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Difference Between Accounting, Economic and Normal Profit (With Table)

In simple words, profit is all of a person’s earnings. It is the company’s primary source, as surviving without profit is challenging, though not impossible. Profit is defined as the surplus of overall revenue above expenditures in accountancy. Accounting profit is the term for such a benefit. On the other hand, you may have heard …

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Difference Between Accounting and Auditing (With Table)

The accountants and auditors look after the firm’s financial accounts, maintain a track record of all the finances, and keep them updated. These economic declarations, which include the balance sheet, income statement, and statement of cash flows, are prepared by accountants. Aside from that, an accountant may be reliable for various other tasks, including bookkeeping, …

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Difference Between Absolute and Relative Poverty (With Table)

Many countries or groups of people come into the category of poverty as they cannot afford necessities like proper food or hygienic living conditions. However, poverty can be understood in two different types. The two main types are Absolute and Relative Poverty. There are many differences between the two. Absolute vs Relative Poverty The main …

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Difference Between A Broker and An Advisor (With Table)

An advisor and a broker might seem to be roughly the same for somebody with little to no financial knowledge. However, the roles performed by both of these are very different. It is important to know the difference for anybody who is starting out with their financial journey. A Broker vs An Advisor The main …

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