The duration of stay in India is a key criterion for determining the residential status of an individual.

Accounts Payable is considered a current liability in the final accounts.

Email marketing is a digital marketing strategy that involves sending promotional messages via email to potential customers.

FIFO can lead to higher taxes because it results in higher net income during inflation.

All of the above are disadvantages of using the LIFO method, including lower net income, non-acceptance under IFRS, and complexity.

A key feature of GST is that it is a single tax on goods and services, replacing multiple indirect taxes.

Factory rent is a fixed cost as it does not change with the level of production.

Cultural norms are a key aspect of the social environment, influencing consumer behavior and business practices.

A key benefit of digital marketing is the ability to access real-time analytics and feedback to optimize campaigns.

Understanding the business environment leads to better decision-making by providing insights into external factors.

Marginal costing simplifies the decision-making process by focusing on variable costs and contribution.

A dynamic business environment is characterized by rapid changes and unpredictability, requiring businesses to adapt quickly.

Intangibility is a key characteristic of services, meaning they cannot be touched or owned like physical products.

Entrepreneurial ventures are characterized by risk-taking and innovation, often seeking to create new products or services.

Innovation is a key characteristic of entrepreneurship, as entrepreneurs often seek to create new products or services.

The social environment includes cultural norms and values that influence business practices.

The total cost of production is a key component of a cost sheet, summarizing all costs incurred.

Place is one of the key components of the marketing mix, referring to how a product is distributed and where it is sold.

Setting performance standards is a key component of cost control, as it provides benchmarks for evaluating performance.

Social media engagement is a key component of digital marketing, allowing brands to interact with customers online.

Setting long-term goals is a key component of strategic planning.

Drawings represent the amount taken out of the business by the owner and are a key component of the equity section of the balance sheet.

Economic conditions are part of the external environment that can significantly impact business operations and decision-making.

Revenue is a key component of the income statement, reflecting the income generated from business activities.

The marketing mix consists of four key components: Product, Price, Place, and Promotion.

All of the above considerations are important when preparing a trial balance after an amalgamation.

Tax policies are a significant aspect of the political environment that can impact business operations and profitability.

The Current Ratio is a key indicator of working capital efficiency, measuring the ability to cover short-term liabilities.

All of the above are key principles of auditing that ensure the quality and reliability of the audit process.

Contingency theory posits that management practices should be adapted based on the specific circumstances and context.