Tag Archives | Differences

Difference between Cost Audit and Financial Audit

This article will help you to differentiate between Cost Audit and Financial Audit. Difference # Cost Audit: A. Scope: 1. The entire emphasis is on micro-aspects, the aggregates being considered for checks. 2. It is an examination of day-to-day opera­tion, in so far as the cost records are de­signed in accordance with the cost ac­counting […]

Difference between Internal Audit and Statutory Cost Audit

This article will help you to differentiate between Internal Audit and Statutory Cost Audit. Difference # Internal Audit: A. Scope: 1. (a) The work of audit under the system is mainly performed by the employ­ees, i.e. internal staff of the company. (b) The work can be done by any person having training and skill on […]

Difference between Internal Auditor and Cost Auditor

This article will help you to differentiate between Internal Auditor and Cost Auditor. Before a general discussion on the matter is made it should be pertinent to note that an internal auditor: (i) Is an employee of the company, (ii) Has to be loyal to the company by responding to the uses and requirements of […]

Professional Misconduct and Professional Negligence

This article will help you to differentiate between professional misconduct and professional negligence. Difference # Professional Misconduct: The Cost and Works Accountants’ Act, 1959, under Section 22, defines the expression: ‘Professional Misconduct’ as follows: ‘Professional misconduct’ shall be deemed to include any act or omission specified in any of the schedules but nothing in this […]

Difference between Job Costing and Process Costing

Learn about the differences between Job Costing and Process Costing. Difference # Job Costing: 1. Production of Goods: Goods are produced against specific orders. 2. Cost Collection: Costs are accumulated for specific cost centre i.e. a specific job. 3. Applicability: Job costing is applicable where the objec­tive is to identify the cost with specific job. […]

Difference between Standard Cost and Historical Cost

Learn about the difference between difference between Standard Cost and Historical Cost. The meaning of ‘Standard Cost’ will be more illuminating to us if a line of distinction is drawn between ‘Standard Cost’ and ‘Historical Cost’. The following are the points of distinction: (i) Recording: Standard Cost is determined and recorded before actual performance while […]

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