Listening is often confused with hearing. Many people use these two words incorrectly in their speeches and writings without giving a second thought to clarify what they truly mean. I hope my comprehensive endeavor in this regards will shed light on this confusion.
Following image briefly depicts the difference between listening and hearing.
Image credits © Gaurav Akrani.
Following points distinguish primary and secondary data:
Image credits © Gaurav Akrani.
Difference Between Authority and PowerThe terms Authority and Power have different meanings in management.
Image Credits © x3nomik.
Authority is the right given to a manager to achieve the objectives of the organisation. It is a right to get the things done through others. It is a right to take decisions. It is a right to give orders to the subordinates and to get obedience from them. A manager cannot do his work without authority.
1. DefinitionAccording to Edwin Flippo,
"Recruitment is the process of searching for prospective employees and stimulating them to apply for jobs in the organisation."
According to O. Donnell,
"Selection is the process of choosing from among the candidates, from within the organization or from the outside, the most suitable person for the current position or for the future poistion."
Image Credits © The University of the West Indies.
The Difference Between Tall (Narrow Span of Control) and Flat (Wide Span of Control) Organisation Structure is based on following twelve points :-
1. MeaningIf the span of control is narrow, then there will be many management levels. That is, there will be many managers. This organisation structure is called "Tall Organisation Structure".
If the span of control is wide, then there will be fewer management levels. That is, there will be fewer managers. This organisation structure is called "Flat Organisation Structure".
2. Span of ControlNarrow span of control results in "Tall Organisation." Here there are many managers. Each manager has to manage only few subordinates.
Wide span of control results in "Flat Organisation". Here there are few managers. Each manager has to manage many subordinates.
Delegation of Authority differs from Decentralisation in the following ways :-
1. MeaningDelegation of authority means giving work to others and giving them the authority to do this work. Delegate means to hand over or give.
In Decentralisation, the authority is distributed to all the levels of management.
2. Cause and EffectDelegation is the cause of decentralisation.
Decentralisation is the effect (i.e. a result) of delegation.
1. Meaning ↓Saving account is a bank account which is opened by persons in order to save a part of their income.
Fixed Deposit (FD) account is that type of account where a fixed sum of money is deposited for a fixed period.
2. Purpose for Depositors ↓The main purpose of savings account is to save a part of the income.
The main purpose of fixed deposit account is to get a lump sum amount on the maturity of the deposit.
Difference Between Saving and Current AccountThe difference between saving and current account is discussed as follows:
Saving account is opened by individuals for the purpose of saving a part of their income.
Current account is maintained by businessman and others who have to do regular bank transactions.
The main purpose of opening a saving account is to save a part of the income.
The main purpose of opening a current account is to facilitate regular transactions.
1. Meaning ↓In fixed deposit, a fixed sum of money is deposited for a fixed period.
Current account is operated by businessmen and others who have to do regular business transactions.
2. Purpose ↓The main purpose of fixed deposit is to earn higher interest rate and get a lump sum amount on maturity.
The main purpose of current account is to facilitate regular transactions.
1. MeaningA cheque is an unconditional order directing the banker to pay a certain sum of money only to or to the order of a certain person.
A draft is an order to pay money drawn by one office of a bank upon another office of the same bank for a sum of money payable to order on demand.
Image credits © Moon Rodriguez.
2. FacilityThe current account and saving account holders get a cheque facility.
Draft is issued to anyone even to non-account holders.
1. Nature of Banking ↓Commercial Bank is a bank which primarily provides financial facilities to commercial activities.
Industrial Bank is a bank which primarily provides financial facilities to industrial or productive activities.
2. Types of Loans Offered ↓Commercial Banks generally provides short-term loans for meeting working capital needs.
Industrial Banks generally provides long-term loans for meeting fixed capital needs.
1. Registration ↓In India, the Commercial Banks are required to be registered under Banking Regulation Act, 1949.
In India, the Co-operative Banks are required to be registered under the Co-operative Societies Act, of the concerned state.
2. Main Objective ↓The main objective of a Commercial Bank is to accept deposits from public for the purpose of lending to industry and commerce.
The main objective of a Co-operative Bank is to accept deposits from the members and the public for the purpose of providing loans to farmers and small businessmen with a motto of service.
1. Function ↓The main function of a Commercial Bank is to accept deposits from public for the purpose of lending to industry and others.
The Central Bank regulates money supply in the country. It also acts as a banker to the government and to the other banks operating in a country.
2. Printing of Currency ↓The Commercial Banks cannot print currency notes and make coins.
The Central Bank of India (i.e. RBI) has the power to print currency notes from Rs.2 and above.
1. Meaning ↓Maslow's theory is based on the concept of human needs and their satisfaction.
Hertzberg's theory is based on the use of motivators which include achievement, recognition and opportunity for growth.
2. Basis of Theory ↓Maslow's theory is based on the hierarchy of human needs. He identified five sets of human needs (on priority basis) and their satisfaction in motivating employees.
Hertzberg refers to hygiene factors and motivating factors in his theory. Hygiene factors are dissatisfiers while motivating factors motivate subordinates. Hierarchical arrangement of needs is not given.
1. Meaning ↓Invoice is a bill of a sale transaction showing the amount to be paid by the buyer.
Delivery note is a note sent by the seller to the buyer informing about the despatch and delivery of goods.
2. Contents ↓Invoice gives details of a sale transaction i.e. description of goods supplied, rate, expenses, amount payable, etc.
Delivery note only gives details of quantity supplied.
3. When Sent?Invoice is normally sent after the despatch of goods or along with the goods.
Delivery note is sent along with the despatch of parcel.
1. Meaning ↓A cash memo is a document stating cash received for the goods sold. It is a paid bill for cash sales.
An invoice is a document showing the amount due from the buyer or the debtor it is a bill for credit sale.
2. When Issued?Cash memo is issued in the case of a cash transaction.
Invoice is issued in the case of a credit transaction.
3. Proof ↓Cash memo serves as an evidence of cash being paid by the buyer to the seller.
Invoice serves as an evidence of the indebtedness of the buyer to the seller.
1. Meaning ↓Trade Discount is a discount allowed by the seller to the buyer in case of bulk purchases made by him.
Cash Discount is a reduction in the net amount payable by the buyer when prompt payment is made by the buyer.
2. When Allowed?Trade discount is usually allowed when bulk purchases are made.
Cash discount is usually allowed if payment in cash is made promptly i.e. within a short period of time.
3. Purpose or Objective ↓Trade discount's object is to attract bigger orders by giving incentive to the buyer to buy more.
Cash discount's purpose is to encourage the buyer to make prompt payment.
Difference Between Debit and Credit NoteThe difference between debit and credit note is explained as follows:
Debit note is a note sent by one party to another informing him that his account is debited in the sender's book.
Credit note is a note sent by one party to another informing him that his account is credited in the sender's book.
Debit note contains details as to why the party is debited and the amount of debit.
Credit note gives details as to why the party is credited and the amount of credit.
Debit note requires an acknowledgement from the receiver by a credit note.
Credit note requires an acknowledgement from the receiver by a debit note.
1. Meaning ↓Proforma Invoice is a quotation given in the form of invoice.
Invoice is a bill of a sale transaction showing the amount to be paid by the buyer.
2. When Sent?Proforma Invoice is sent at the request of the buyer before he places the order.
Invoice is sent after the goods being despatched by the seller.
3. Purpose ↓Proforma Invoice enables buyer to decide whether to place the order or not.
Invoice helps the buyer to know the exact amount due by him to the seller.
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