Debit note vs credit note

All profit-making businesses involve purchase and sales transactions. This can be purchase and sale of goods or/and services. These transactions happen on the basis of invoices that specify several details including customer...

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Accrual vs provision

Every business has expenses – all types of expenses occurring for different purposes and at different stages of the business. Correct accounting for expenses is important to ensure that the financial statements reflect the true...

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Cheque vs demand draft

Every business involves exchange of money. This infact is the core of any business as businesses operate to earn money. As businesses grow in size, large value cash transactions become both cumbersome as well as restricted by...

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Turnover vs profit

Financial reporting is an important aspect of every business entity as it is essential to gauge the financial performance and position of the entity. One of the important financial statements is the profit and loss account. Each...

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