Stakeholders are individuals or groups that are affected by or can affect a company's actions, including employees, customers, suppliers, and the community.

Stakeholders are individuals or groups that have an interest in the company's performance, including employees, customers, suppliers, and investors.

Sunk costs are past costs that have already been incurred and cannot be recovered, such as past research and development costs.

Direct labor costs can be directly traced to the production of specific goods.

Direct materials used in production are directly traceable to the product and classified as direct costs.

A mixed cost has both fixed and variable components, such as an electricity bill.

Under Section 24(b), a deduction of up to ₹2,00,000 is available for interest on housing loan.

Deduction for interest paid on housing loans is available under Section 24(b).

Under Section 24(b), a deduction of up to 2 lakhs is available for interest paid on housing loans.

Public Provident Fund (PPF) contributions are eligible for deduction under Section 80C.

All of the above deductions are available under Section 80D for health insurance premiums.

Medical insurance premium is eligible for deduction under Section 80D.

Cultural trends are social factors that can influence consumer behavior and business operations.

Rival firms are a direct part of the competitive environment affecting business strategy.

Agricultural income is exempt from tax under Section 10.

One of the benefits of GST for businesses is the reduction in tax cascading, leading to lower overall tax burden.

One of the key benefits of GST is the elimination of double taxation, which simplifies the tax process.

A dynamic business environment is characterized by rapid changes that can affect business operations and strategies.

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

Services are characterized by being intangible, perishable, and inseparable from their providers.

A sole proprietorship is owned and operated by a single individual, making single ownership its defining characteristic.

A sole trader has unlimited liability, meaning personal assets can be used to settle business debts.

Innovativeness is a key characteristic of successful entrepreneurs, enabling them to create new products and services.

A successful team typically has diverse skill sets, which allows for a broader range of ideas and solutions.

Innovative thinking is a key characteristic of an entrepreneur.

Fixed costs remain constant regardless of production levels within a relevant range.

LIFO (Last-In, First-Out) matches the most recent costs with current revenues, which can lead to lower net income during inflation.

Sole traders have unlimited liability, meaning they are personally responsible for all debts of the business.

Straight-line depreciation allocates an equal amount of depreciation expense each period over the useful life of the asset.

The declining balance method results in higher depreciation expenses in the earlier years of an asset's life.