IFRS 15 provides the framework for revenue recognition, which is applicable to partnerships as well.

IFRS 15 provides the framework for recognizing revenue from contracts with customers.

Customer relationship management (CRM) aims to manage customer interactions and data to improve business relationships.

Customer segmentation involves dividing a market into distinct groups of buyers with different needs or characteristics.

The target market refers to a specific group of consumers that a business aims to reach with its products or services.

A balance sheet represents a snapshot of a company's assets, liabilities, and equity at a specific point in time.

A debt-to-equity ratio of 1 indicates that a company has equal financing from debt and equity.

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

A high debt to equity ratio indicates high financial risk, as it shows that a company is using more debt to finance its operations compared to equity.

A high inventory turnover ratio suggests efficient inventory management and strong sales.

A low gross profit margin indicates high production costs relative to sales.

A negative direct labor efficiency variance indicates that workers are less efficient than expected, leading to higher labor costs.

A negative return on equity (ROE) indicates that the company is losing money relative to its equity.

A negative return on equity (ROE) signifies that the company is incurring losses, as it indicates that net income is negative relative to shareholders' equity.

A negative variance indicates that actual spending exceeded the budgeted amount, suggesting excessive spending.

A trial balance ensures that the total debits equal total credits, indicating that the accounts are balanced.

If total debits exceed total credits, it indicates there may be an error in accounting that needs to be investigated.

A trial balance with a debit balance indicates that there are more debits than credits, which may suggest an error in the accounting records.

CGST stands for Central Goods and Services Tax, which is levied by the central government on intra-state supplies.

CVP analysis helps management determine the break-even point, where total revenues equal total costs.

CVP analysis helps managers understand the relationship between cost, volume, and profit.

FIFO stands for First In, First Out, meaning the oldest inventory items are sold first.

GST stands for Goods and Services Tax, which is a comprehensive indirect tax on the manufacture, sale, and consumption of goods and services.

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

PESTLE analysis is a framework used to analyze the external environment by examining Political, Economic, Social, Technological, Legal, and Environmental factors.

SWOT analysis helps businesses identify their Strengths, Weaknesses, Opportunities, and Threats.

SWOT analysis stands for Strengths, Weaknesses, Opportunities, and Threats.

The debt to equity ratio indicates the relative proportion of shareholders' equity and debt used to finance a company's assets, reflecting its financial leverage.

The debt-to-equity ratio measures a company's financial leverage by comparing its total liabilities to its shareholders' equity.

The Payback Period measures the time required to recover the initial investment from cash inflows.