The GST rate applicable on most goods and services in India is 18%.

The standard GST rate applicable on most goods and services is 18%.

The standard GST rate applicable on most goods in India is 18%.

The standard GST rate applicable on most goods is 18%.

Luxury goods are taxed at the highest GST rate of 28%.

The GST rate on most goods and services in India is 18%.

The GST rate on restaurant services is generally 18%.

The GST rate on services provided by a restaurant that is not air-conditioned is 5%.

The GST rate on services provided by a restaurant is generally 5%.

Essential goods are typically taxed at a GST rate of 0%.

The GST rate on the supply of restaurant food is 5%.

The supply of services related to education is exempt from GST, hence the rate is 0%.

Accumulated depreciation is a contra asset account that reduces the book value of fixed assets on the balance sheet, thus decreasing total assets.

Accrued expenses increase expenses and increase liabilities, thus impacting the trial balance.

An error in the trial balance can lead to incorrect profit calculations, affecting the accuracy of the final accounts.

An error in the trial balance may lead to incorrect profit calculation and incorrect asset valuation in the final accounts.

An error in the trial balance can lead to misstated financial statements, as the inaccuracies will carry over into the final reports.

Depreciation is an expense that reduces the net income of the partnership in the final accounts.

Depreciation decreases asset balances on the trial balance as it represents the allocation of the cost of an asset over its useful life.

Drawings reduce the owner's equity in the final accounts, as they represent withdrawals made by the owner for personal use.

Globalization leads to increased competition as businesses can now operate in multiple countries and markets.

Inventory valuation affects both the balance sheet (as an asset) and the income statement (as an expense).

Not properly accounting for depreciation can lead to overstated assets and net income, misrepresenting the financial position.

Not recording depreciation leads to overstated assets, understated expenses, and consequently higher net income.

Recording depreciation decreases total equity as it is an expense that reduces net income.

Revaluation of assets typically results in an increase in the capital accounts of the partners reflecting the increased value of assets.

Switching from FIFO to LIFO during inflation will typically decrease net income due to higher COGS being reported.

Technological advancements can lead to new product development and improve efficiency in business operations.

Different depreciation methods can affect profitability ratios, as they influence net income and asset values.

Using FIFO during inflation results in higher assets on the balance sheet due to higher ending inventory valuation.