What is the difference between a cold and the flu? The flu and the common cold are both respiratory illnesses but they are caused by different viruses. Because these two types of illnesses have similar symptoms, it can be difficult to tell the difference between them based on symptoms alone. In general, the flu is worse than the common cold, and symptoms are more common and intense. Colds are usually milder than the flu. People with colds are more likely to have a runny or stuffy nose.
Financial independence typically means having enough income to pay your living expenses for the rest of your life without having to work full time. Some people achieve this through saving and investing over many years, while others build successful businesses that can generate income without daily supervision.
Materiality Concept. Financial statements are prepared to help its users in making economic decisions. All such information which can be reasonably expected to affect decisions of the users of financial statements is material and this property of information is called materiality.