A key principle of effective delegation is trusting employees to make decisions and take ownership of their tasks.

Unity of command is a key principle that states each employee should report to only one manager.

Unity of command is a key principle of organization, ensuring that each employee reports to one manager.

A limitation of the Payback Period method is that it ignores cash flows that occur after the payback period.

Traditional costing methods may lead to cost distortion as they often allocate overhead costs based on a single volume measure.

Traditional costing systems can lead to overcosting or undercosting of products due to their simplistic allocation methods.

The Current Ratio is a liquidity ratio that measures a company's ability to pay short-term obligations.

Return on Assets (ROA) is a measure of a company's operational efficiency, indicating how well the company uses its assets to generate profit.

The straight-line method is a common method used to calculate depreciation.

Standard costing is a method of cost control that compares actual costs to standard costs.

All of the mentioned methods (FIFO, LIFO, and Weighted average) can be used for inventory valuation, impacting the cost sheet.

New regulations that increase operational costs can pose a threat to businesses by affecting profitability and operational efficiency.

Focus groups are a qualitative research method used to gather insights about consumer attitudes and perceptions.

Sale of a residential house is considered a taxable income under the head 'Capital Gains'.

Interest on Savings Account is considered taxable income under the head 'Income from Other Sources'.

Sale of goods by a registered dealer is a taxable supply under GST.

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

Premium paid for health insurance is a valid deduction under Section 80D.

Agricultural income is exempt under Section 10 of the Income Tax Act.

Direct materials vary with the level of production, making them a variable cost.

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

Accumulated Depreciation is a contra asset account that reduces the book value of fixed assets.

Accounts Payable is an example of a current liability for a sole trader.

Accounts Payable is a current liability as it represents obligations due within one year.

Rent is an example of a fixed cost, as it does not change with the level of production or sales.

Macroeconomic factors, such as inflation rates, can significantly impact business operations and profitability.

Land is considered a non-current asset as it is not expected to be converted into cash or consumed within one year.

A charity is an example of a non-profit organization.

Tax policies are a political factor that can significantly impact business operations and profitability.

Cultural diversity is a social factor that influences consumer behavior and business practices in the market.