A cooperative is member-owned and controlled democratically, not by a single individual.

A sole proprietorship is not a separate legal entity; the owner and the business are legally the same.

Obscurity is not a characteristic of a strong brand; strong brands are known and recognized.

Micromanagement is not a characteristic of effective leadership; it often undermines team autonomy and trust.

Effective teams thrive on flexibility and collaboration, not rigid hierarchies.

Fixed costs do not vary with production levels; they remain constant in total.

LIFO does not provide tax benefits in deflation; rather, it typically results in lower COGS and higher net income.

Marginal costing does not absorb fixed costs into product costs; it treats them as period costs.

FIFO typically results in higher ending inventory values during inflation, not lower.

A flexible budget adjusts for changes in sales volume and includes variable and fixed costs, but does not directly include historical data.

A variance budget is not a component of a master budget; it is a tool used for analysis after the budget is implemented.

Actual cost incurred is not a component; standard costs are predetermined.

A trial balance includes assets, liabilities, and equity, but does not include revenue as a separate component.

Cost allocation is not a direct component of cost control; it is more about distributing costs rather than controlling them.

The trial balance is not a component of final accounts; it is a preliminary step in the accounting process.

Tax refunds are not a component of Gross Total Income.

Gifts from friends are not a component of taxable income.

Revenue is not a component of the accounting equation; the equation is Assets = Liabilities + Equity.

Inventory is not included in the acid-test ratio, which measures immediate liquidity.

Employee satisfaction is an internal factor, while the other options are external components of the business environment.

Fixed costs are not a component of the contribution margin; it is calculated as Sales Revenue minus Variable Costs.

The current ratio is calculated using current assets (like cash, accounts receivable, and inventory) divided by current liabilities, so long-term debt is not included.

Internal policies are part of the internal environment, while economic, social, and technological factors are external.

The trial balance is not a component of the final accounts; it is a preliminary step in the accounting process.

VAT (Value Added Tax) is not a component of the GST structure; it was replaced by GST.

VAT is not a component of the GST structure; it was replaced by GST.

Assets are reported on the balance sheet, not the income statement.

Company culture is an internal factor, while the macro environment consists of external factors.

Profit is not a component of the marketing mix; the components are product, price, place, and promotion.

SWOT analysis includes Strengths, Weaknesses, Opportunities, and Threats, but does not include Regulations.