The difference between profit making accounting and not for profit making accounting is, that question should answer itself! 8^0
The accounting concept that stipulates accounting profit as the difference between revenue and expenses is the matching principle. This principle requires that expenses be matched with the revenues they help generate within the same accounting period, ensuring that financial statements accurately reflect the company's performance. Thus, accounting profit is calculated by subtracting total expenses from total revenues, providing a clear picture of profitability.
The biggest difference is that government account is non-profit and based on funds....also called fund accounting. They do not have profits. Financial accounting tracks income and have or hope to have a profits.
Cash accounting and accrual accounting are two methods of accounting in cash accounting system all expenses and revenues are recorded when actual cash is paid or received while in accrual profit and loss statement, revenues and expenses are recorded when they are actually occurred and timing of receipt and payment of cash is not important.
The relationship between the accounting equation and the balance sheet is the NET PROFIT. ( I THINK :/ )
cost centre = the department which activities cash disbursement profit centre = the department which activities making cash
difference between revenue and costs
Accounting is making a statement of company's profit and loss,and tally is making a perfect balance between assets and liability
The accounting concept that stipulates accounting profit as the difference between revenue and expenses is the matching principle. This principle requires that expenses be matched with the revenues they help generate within the same accounting period, ensuring that financial statements accurately reflect the company's performance. Thus, accounting profit is calculated by subtracting total expenses from total revenues, providing a clear picture of profitability.
The biggest difference is that government account is non-profit and based on funds....also called fund accounting. They do not have profits. Financial accounting tracks income and have or hope to have a profits.
In accounting, gross profit or sales profit is the difference between revenue and the cost of making a product or providing a service, before deducting overhead, payroll, taxation, and interest payments. Note that this is different from operating profit (earnings before interest and taxes).
Cash accounting and accrual accounting are two methods of accounting in cash accounting system all expenses and revenues are recorded when actual cash is paid or received while in accrual profit and loss statement, revenues and expenses are recorded when they are actually occurred and timing of receipt and payment of cash is not important.
The accounting profit is the difference between total revenue and total cost excluding the economic cost (opportunity cost) of owner-supplied resources such as time and capital. At the other hand, In the economic cost, we include the opportunity cost in our calculations. · When total revenue exceeds both explicit and implicit costs, the firm earns economic profit. · Economic profit is smaller than accounting profit Another answer culed be: Economic Profit is slightly different than accounting profit, which merely the firm's total revenues minus its total costs. Economic profit is defined as total revenues minus total operating costs minus opportunity cost. Opportunity cost is defined as the cost of the profits you forgo by not doing another activity. For example the opportunity costs of opening a lemonade stand is equal to the difference between the accounting profits of the lemonade stand minus the accounting profits of a more profitable hot dog stand.
No difference.
What is difference between trust run and for-profit hospitals
No difference. They mean the same thing.
No difference. They mean the same thing.
The relationship between the accounting equation and the balance sheet is the NET PROFIT. ( I THINK :/ )