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Differentiate between invoice and bill.
The major differences between invoice and bill are as follows −
Will have detail list of purchased products, their quantity, price, taxes (if any) etc.
Handed over by seller to buyer at any time (before/after service or product).
Advanced has to be paid.
Records all the items placed.
Invoices may arrive along with the goods or after they arrive.
If invoice bills arrive late, it serves as a record to cross-checked the contents with the buyer.
Examples − amazon, bike showrooms etc.
Serves as request for payment.
Handed over directly to buyer from seller.
Payment is made immediately.
Records sold items, their price, total cost, services etc.
For online goods, there will be pre-defined deadline.
In case failure of payments, different collection companies may be appointed for collecting the due funds.
Examples − restaurants, cars services, credit card companies, supermarkets etc.
- Differentiate between ADR AND GDR.
- Differentiate between investing and trading.
- Differentiate between company and firm.
- Differentiate between finance and accounting.
- Differentiate between EBIT AND EBITDA.
- Differentiate between revenue and turnover.
- Differentiate between turnover and profit.
- Differentiate between offer and quotation
- Differentiate between hedging and speculation
- Differentiate between investment and speculation
- Differentiate between inflation and deflation
- Differentiate between recession and slowdown
- Differentiate between FCFF and FCFE
- Differentiate between lease and rent
- Differentiate between event and transaction