Expense vs Asset
As can be seen from the definitions of both the terms, the key difference between an expense and an asset is timing. An asset represents any source of future economic benefit to the firm that goes beyond one...
Fiscal Year vs Financial Year
The terms Fiscal Year and Financial Year are synonymous, i.e. meaning the same thing. They are a period that governments use for accounting and budget purposes. However, they are also the duration on which tax...
Sanction vs Approval
Although they offer similar definitions, to affirm something or receive affirmation from someone, they are used in different contexts. Approval is more common and used daily, while sanctions are used in more...