Span of control refers to the number of subordinates that a manager can effectively supervise.

USP stands for Unique Selling Proposition, which highlights what makes a product different from its competitors.

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

'Place' in the marketing mix refers to the distribution channels used to deliver products to customers.

In the declining balance method, the depreciation rate is applied to the book value of the asset, which decreases over time.

In the Declining Balance Method, the depreciation expense is determined by applying a fixed depreciation rate to the book value of the asset at the beginning of each period.

Owner's equity is calculated as total assets minus total liabilities.

The net profit is transferred to the Capital Account in the final accounts of a sole trader.

Cost of Goods Sold is an expense that is deducted from sales revenue to calculate gross profit.

The first step in the planning process is setting objectives, which provides direction for all subsequent planning activities.

In the preparation of a trial balance, all accounts with balances, including assets, liabilities, equity, revenues, and expenses, are included.

Cost of Goods Sold is considered an expense in the Profit and Loss Account.

The Capital account typically has a credit balance in the trial balance of a sole trader.

The Capital account typically has a credit balance in the trial balance.

The Units of Production Method calculates depreciation based on the actual usage or production of the asset.

The units of production method calculates depreciation based on the actual usage or production of the asset.

The units of production method calculates depreciation based on the actual usage or production output of the asset.

A favorable variance indicates that actual revenues are higher than budgeted or actual costs are lower than budgeted.

A negative variance indicates worse performance than expected, meaning actual results fell short of budgeted expectations.

Material price variance is calculated as (Actual Price - Standard Price) x Actual Quantity.

The sales volume variance is calculated by taking the difference between actual and budgeted sales and multiplying it by the budgeted contribution margin.

A Limited Liability Company (LLC) allows members to have limited liability and choose their tax treatment.

In a Sole Proprietorship, the owner has complete control and a direct say in all management decisions.

In a corporation, owners (shareholders) have limited control over management decisions, which are made by a board of directors.

In a corporation, owners (shareholders) have limited control over day-to-day management.

A Limited Liability Company (LLC) provides limited liability but often has restrictions on the number of members.

A limited liability company (LLC) provides limited liability protection to its owners.

A sole proprietorship allows the owner complete control over all business decisions and operations.

In a General Partnership, profits and losses are shared according to the partnership agreement.

In a General Partnership, all partners share profits and losses and have unlimited liability.