In this article we will discuss about the similarities and difference between public and private finance. Similarities between Public and Private Finance: While the individual is concerned with the utilization of labour and capital at his disposal, in order to satisfy some of his wants, the state is concerned with the utilization of the labour and capital and other resources [...]
Learn about the comparison among revenues, expenses, gains and losses. 1. Revenues and gains are similar in several ways, but some differences are significant, especially in displaying information about an enterprise's performance. Revenues and expenses provide different kinds of information from gains and losses, or at least information with a different emphasis. Revenues and expenses result from an enterprise's on-going [...]
FAS 33 (USA) and SSAP 16 (UK) differ in the following respects: 1. General Requirements: SSAP 16 calls for a complete profit and loss account and complete balance sheet on a current cost basis that may be presented as supplementary information or as the "main accounts with supplementary historical cost accounts" or as "the only accounts accompanied by adequate historical [...]