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What is the Key Difference Between Bookkeeping and Accounting?
Many people confuse bookkeeping with accounting when managing finances. There is a clear line dividing bookkeeping and accounting. Bookkeeping is…
Posted inStudy Material
Study Difference Between Cost Accounting and Financial Accounting
The difference between Cost Accounting and Financial Accounting is in their ultimate purpose, audience, and reporting method. Cost accounting assists…
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What are Fictitious Assets: Meaning, Characteristics & Examples
Fictitious assets are big expense or losses a company can’t take in full in the year they take place. Instead, that…
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Elastic Demand Formula: Definition, Type, Calculation & Objective
Elasticity of demand is one of the most essential concepts in microeconomics and managerial decision-making. It explains how consumers react…
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Difference Between Reserve and Provision: A Comprehensive Guide
Reserve and provision are the basic concepts of accounting, through which businesses can allocate financial resources prudently and by accounting…