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Differences Between the terms of various subjects

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To understand the different concepts in a better way, we have to understand the differences between that terms or concepts with relevant terms or concepts. You will get to know the main feature or merit of the term/concept which it has unique from their similar terms.

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In simple language, If you are confused between two similar terms of any subject, you can clear it by knowing the actual differences between them.

Example: –
If you are confused between Debit and Credit, that is how to deal with them differently and where to use the word debit and in which situation you have to use the word Credit.
Then if you get to know about the actual differences between them then you will never get confused while using these terms or concepts.

Please check the following differences between very basic terms to understand them better: –

Basis of DifferenceDebitCredit
MeaningThe Debit means adding(+) some value into the something accountCredit means subtracting(-) some value into something account.
SideThe left side of the ledger accountThe right side of the ledger account.
Impact on AssetsIncreaseDecrease
Impact on Liabilities DecreaseIncrease
Impact on Expenses or lossesIncreaseDecrease
Impact on Income or GainsDecreaseIncrease
Impact on capitalDecreaseIncrease

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To help you to understand more Commerce terms and concepts we categorise the many important terms to explain the differences between them. These are shown as follows:

Differences between the various financial accounting terms: –

Class 11

Class 12

Differences between the various terms of Business Studies: –

Class 11

Class 12

Differences between the various Economic terms: –

Class 11

Class 12

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