The contribution margin represents sales revenue minus variable costs, indicating how much revenue is available to cover fixed costs and contribute to profit.

Rent expense is considered a fixed cost in CVP analysis.

A value proposition is a statement that explains how a product or service meets customer needs and stands out from competitors.

LIFO (Last In, First Out) is not accepted under IFRS accounting standards, although it is allowed under US GAAP.

In marginal costing, fixed costs are treated as period costs and are charged in full to the profit and loss account.

Contribution margin is calculated as Sales minus Variable Costs.

Marginal costing considers only incremental costs, which are relevant for decision-making regarding pricing and production.

In marginal costing, fixed manufacturing costs are treated as period costs and not included in product costs.

In marginal costing, only variable manufacturing costs are included in product costs.

In marginal costing, fixed manufacturing overhead is treated as a period cost and is expensed in the period incurred.

The '4 Ps' of marketing are Product, Price, Place, and Promotion, which are essential elements for marketing strategy.

The value proposition is the unique value a product or service offers to customers, distinguishing it from competitors.

The Income Statement shows the company's profitability over a specific period.

The Income Statement is prepared first to determine the profit or loss, which is then used in the Balance Sheet.

Goodwill is defined as the excess of the purchase price over the fair value of the net identifiable assets acquired in an amalgamation.

Stakeholders include anyone affected by the company's operations, not just shareholders.

The macro environment includes broad external factors such as economic, political, and social influences that affect all businesses.

Market segmentation refers to the process of dividing a market into distinct groups of buyers with different needs or characteristics.

SWOT analysis is a strategic planning tool that identifies Strengths, Weaknesses, Opportunities, and Threats related to a business.

Market segmentation involves dividing a market into distinct groups of buyers with different needs or characteristics to tailor marketing strategies.

Cognitive dissonance is the discomfort experienced after making a purchase, often leading consumers to seek reassurance about their decision.

Salvage value refers to the estimated resale value of an asset at the end of its useful life.

Innovation in entrepreneurship refers to the introduction of new ideas, products, or processes that create value.

Net profit is calculated as total revenue minus total expenses.

The standard rate of GST applicable on the supply of services is 18%.

Taxable income refers to total income after deductions.

FIFO (First-In, First-Out) is least likely to affect reported net income during periods of rising prices, as it results in lower cost of goods sold and higher net income.

Delegation is the process of assigning tasks and responsibilities to subordinates to enhance efficiency and empower employees.

SWOT analysis stands for Strengths, Weaknesses, Opportunities, and Threats, and is used for strategic planning.

Delegation refers to the process of assigning tasks and responsibilities to subordinates to enhance efficiency and empower employees.