Category: Accounting

Bookkeeping vs. Accounting

The main difference between Bookkeeping and Accounting is that Bookkeeping is the method of recording regular business transactions, whereas Accounting is the process of recording monetary transactions relating to the…

Income vs. Revenue

The main difference between income and revenue is that income is the money left for business after it subtracts expenses and costs from its revenue, whereas revenue is the total…

Audit vs. Review

The main difference between Audit and Review is that Audit is providing a realistic level of assurance, whereas Review is a report on the credibility of the financial statement. An…

Provision vs. Reserve

The main difference between Provision and Reserve is that Provision is a specific amount that you place in sideways in your accounts to protect forthcoming accountability, whereas Reserve is a…

Auditing vs. Investigation

The main difference between Auditing and Investigation is that Auditing is an assessment or authentication of an individual, system, or an organization, whereas Investigation is an analysis or in-depth inspection…

Cash Book vs. Passbook

The main difference between Cash Book and Passbook is that Cashbook saves the records of cash dealings, whereas the Passbook is providing by the banks to their account holders to…

Book Value vs. Market Value

The main difference between Book Value and Market Value is that Book value of an asset grants its accounting value, which is nothing but the historical cost less accumulated depreciation/amortization,…

Debit vs. Credit

Debit and Credit are two terms used mostly in Banks and are associated to money and dealings. These are entries in double entry bookkeeping made in account ledgers in order…

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