Definitions
- Referring to a small amount of money given in advance for a specific purpose. - Talking about a temporary fund used for minor expenses or emergencies. - Describing a system of managing petty cash in an organization.
- Referring to a payment made before work is completed or goods are delivered. - Talking about a loan or credit given before it is due. - Describing progress or improvement made in a particular area.
List of Similarities
- 1Both involve giving money before it is due.
- 2Both can be used for specific purposes.
- 3Both can be repaid or deducted from future payments.
- 4Both can be used to cover expenses or costs.
What is the difference?
- 1Purpose: Imprest is typically used for small, immediate expenses while advance can be used for larger expenses or as a loan.
- 2Timing: Imprest is given in advance of a specific expense, while advance can be given before work is completed or goods are delivered.
- 3Repayment: Imprest is usually repaid immediately or deducted from future payments, while advance may have a longer repayment period.
- 4Usage: Imprest is often used for petty cash or emergency expenses, while advance can be used for a variety of purposes such as loans, salary, or payments.
- 5Connotation: Imprest is associated with a smaller amount of money and a specific purpose, while advance can be associated with a larger amount of money and a broader range of purposes.
Remember this!
Imprest and advance are both terms used to describe giving money before it is due. However, the difference between imprest and advance is their purpose, timing, repayment, usage, and connotation. Imprest is typically used for small, immediate expenses, while advance can be used for larger expenses or as a loan. Imprest is given in advance of a specific expense, while advance can be given before work is completed or goods are delivered. Imprest is usually repaid immediately or deducted from future payments, while advance may have a longer repayment period. Imprest is often used for petty cash or emergency expenses, while advance can be used for a variety of purposes such as loans, salary, or payments.
