Absorption costing includes both fixed and variable costs in product costs.

Marginal costing is best for short-term decision-making as it focuses on variable costs and contribution margin.

Job order costing is suitable for custom-made products as it tracks costs for each individual job.

Job order costing is suitable for companies that produce custom-made products, as it tracks costs for each individual job.

Marginal costing is primarily used for internal decision-making as it focuses on variable costs.

The Straight-Line method allocates an equal amount of depreciation expense each year.

The Units of Production Method is best suited for assets with variable usage patterns, as it ties depreciation to actual usage.

The Units of Production Method is best suited for assets with variable usage, as it bases depreciation on actual usage.

The declining balance method is best for assets that lose value quickly as it accelerates depreciation.

The straight-line method is most suitable for assets with a consistent usage pattern, as it allocates the cost evenly over time.

The straight-line method is most suitable for assets with a predictable pattern of usage, as it allocates costs evenly.

The Declining Balance Method results in higher depreciation expenses in the earlier years due to its accelerated nature.

The Declining Balance Method is appropriate for assets like vehicles that experience higher usage and wear in the initial years.

The Declining Balance Method results in higher depreciation expenses in the early years compared to the Straight-Line Method.

The Declining Balance Method typically results in the highest total depreciation expense over an asset's life due to accelerated depreciation in the early years.

Economic conditions, such as inflation and employment rates, directly impact consumer purchasing power.

The economic environment can directly affect supply chain management through factors like inflation and resource availability.

Consumer behavior and lifestyle changes are part of the socio-cultural environment, influencing how businesses operate and market their products.

Cultural trends are a social aspect of the business environment that can influence consumer behavior and preferences.

Consumer behavior trends are a social element as they reflect the preferences and habits of society, impacting business strategies.

Company policies are internal factors, while the macro-environment includes external factors like political, technological, and social influences.

The Balance Sheet provides a snapshot of a company's financial position at a specific point in time.

The Balance Sheet provides information about a company's working capital by listing current assets and current liabilities.

ITR-1 is used for filing income tax returns for individuals with income from salary, house property, and other sources.

ITR-1 is used for filing income tax returns for individuals with income from salary and house property.

ITR-1 is used for filing income tax returns for individuals with income from salary and other sources.

In a partnership, profits and losses are shared among partners according to their agreement.

In a partnership, profits and responsibilities are shared among partners.

A partnership allows two or more individuals to share responsibility and resources.

A corporation allows for the easiest transfer of ownership through the sale of stock.