Difference between accrual and cash basis of accounting

Financial accounting involves measuring, presenting and reporting of financial transactions of an enterprise. The transactions are recorded in the books of accounts of the enterprise from which financial statements are subsequently drawn up. The recording of transactions in the books of accounts require adherence to certain accounting principles. There are broadly two methods of financial … Read moreDifference between accrual and cash basis of accounting

Difference between CA and ACCA

Introduction As the global economy develops and businesses grow, the need for qualified finance professionals to manage these businesses increase. These professionals work in wide ambit of finance related fields ranging from accounts to financial management to taxation and audit. There is also a need for regulating bodies and certifications to regulate the influx and … Read moreDifference between CA and ACCA

Difference between economist and accountant

Definitions and meanings Economist: An economist is a professional who collates data from the economy, studies and analyzes it by applying economic theories and prepares reports thereon. Economists can study macroeconomic factors such as GDP, consumption, unemployment, inflation and price indices etc. They also study microeconomics factors such as consumer demand and supply, price fixing, … Read moreDifference between economist and accountant

Difference between accounting and auditing

Contents: Definitions and meanings Difference between accounting and auditing Accounting versus auditing – tabular comparison Conclusion Definitions and meanings Accounting: Accounting is a profession that involves measuring and recording of financial transactions of an enterprise. Accounting involves the following: Recording entries of income and expense transactions in the books of accounts of an enterprise Recording … Read moreDifference between accounting and auditing

Difference between integrated reporting and traditional financial reporting

Definitions and meanings: Integrated reporting: Integrated reporting is a new domain in accountancy that aims to enhance the scope of corporate reporting. Unlike traditional approach, integrated reporting attempts to report the value creation process of an organization. It refers that both financial as well as non-financial factors are responsible for development of sustainable value addition … Read moreDifference between integrated reporting and traditional financial reporting

Difference between principle based accounting and rules based accounting

Definitions and meanings: Principle based accounting: Principle based accounting suggests a ‘comply or explain’ policy. It means every company following this system must comply by the set principles and if a company fails to comply it must present a reasonable explanation for deviation from the principles. The IFRS’s (International Financial Reporting Standards) are a principles … Read moreDifference between principle based accounting and rules based accounting