With fixed assets, depreciation is a must. So, if you are matching your books, you must take this into account. To calculate depreciation, you have to determine it, which requires accumulated depreciation and depreciation expense. However, the issue is that people get confused with the two. If you are one of those people, this is…
With the rise of cryptocurrencies, many people have devoted their lives to mining, trading, and several other things regarding this matter. And one of the most prominent cryptos in the business is bitcoin. However, you will find many people calling bitcoins or blockchains. Though blockchain and bitcoin serve similar uses, they are different. So, what…
There are numerous assets in accounting. A company can use these various genres of assets to make profits, pay debts, and the list keeps ongoing. However, in reality, assets are of two types, and all the other assets that an economic or business entity uses to do their work branch out from these two: Fixed…
Tangible and intangible assets are different types of assets that a company may have, and it’s essential to understand the difference between them to keep track of a company’s resources. In this article, we’ll discuss tangible vs. intangible assets in detail, and we’ll also go over each of them so you may have a better…
To those of you who are acquainted with the world of Accounting, the terms current and noncurrent assets sure do sound familiar. However, from a layman’s point of view, these terms might seem puzzling at first. But once you are done reading this current vs. non current assets comparison guide, these two words and their…
In accounting, the terms equity and assets get used a lot. Many people tend to mix these two terms up, but both have very different meanings. Here we will look at equity vs assets and point out the differences between them. Equity Vs Assets: An Overview Assets refer to all the resources that are…
In accounting or book-keeping, there are two terms you will commonly come across- these are accrued expenses and accounts payable. Some people have a hard time distinguishing accrued expenses vs accounts payable. As a result, mistakes are made while recording. Here we’ll try to explain the differences between them. What Are Accrued Expenses? During…
While making transactions, we often come across the usage of Maestro Card and Mastercard. Despite both cards being registered cards of the same company, they serve very different purposes. To help you better grasp what these cards are used for, here is our take on the difference between Maestro Card and MasterCard. Maestro Card…
While the USA has one of the most lucrative retirement plans for its federal employees, it can be tough to choose between TSP and Roth. Military officers often resort to a tax advisor before committing to a retirement plan. Now, both Roth and traditional TSP depend on not only your service length but also your…
So, you’ve been looking into service organization control (SOC) reports, perhaps to cement the validity of your establishment’s financial reporting controls or to report your vendors for such a report. But now you’re confused about the difference between SOC 1 and SOC 2 audits. That’s understandable, as they are both frameworks to evaluate an organization’s…
You may have heard of those two terms circulating around in any health-care insurance discussion, and chances are you’ve fallen into an endless loop of indecision. So what are the differences between HMO and PPO? Here are the things you need to know in order to formulate a well-rounded decision concerning your choice of health-care…
Chances are you’re entering the high life of adulthood with all the panicked readiness we all pretty much excel at. Welcome to the club. Accounting and the prospect of managing a bank account are probably the first things thrust in your face right after “how to do laundry” and “how to engage in tedious social…
Visa and Mastercard are networks that process payments that are made with the purchase of the cards between the banks and the merchants. The actual credit cards are issued by banks and the cardholders pay the banks towards the balance on the card plus interest charged. Visa and Mastercard share more similarities than differences, so…
In a market economy, policy makers basically have two main tools to influence a countries’ economic activity and growth: monetary and fiscal. They both seem to have the same purpose, but what’s the difference between fiscal and monetary policy? Let’s analyze both concepts in detail and see what they mean and what sets them apart….
When in business you will hear the terms gross and net used often. These two terms are related, but they are not the same thing. Gross is the whole of something whereas net is a part of the whole after some kind of deduction. What is the Gross? It is the total amount made…
Those who haven’t studied economics in school may have an idea or two about what the Gross Domestic Product is, but the difference between nominal and real GDP is most probably a mystery. If you’re faced with this dilemma, worry not, as we’ve got you covered! In the following, we’ll take a look at both…
Both GDP and GNP measure economic strength and size. GDP stands for ‘Gross Domestic Product’ and GNP stands for ‘Gross National Product’. The differences between the two include how they are calculated and the ways that they are used. What is GDP? GDP is an estimated value of a country’s total worth of services…
Most people have an account that they use to keep their money safe so they can access it to pay bills and go shopping. There is a wide range of options when it comes to opening an account, but choosing a credit union or bank can influence what you get out of your account. The…
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