Question
What are the factors of
production?Solution
Factors of production refer to the resources or inputs used in the process of producing goods and services. They include: A. Land: This includes all natural resources used to produce goods and services, such as soil, water, minerals, and forests. B. Labour: It represents the human effort and skill directed towards producing goods and services. C. Capital: This includes physical capital (machinery, tools, buildings) and financial capital (money) used in the production process.
Which of the following is NOT part of auditor’s understanding of the entity and its environment under SA 315?
……… is an audit on a legal entity (the auditee) by two or more auditors to produce a single audit report, thereby sharing responsib...
Which of the following deductions is/are available as deduction from income under both the old and new tax regime of Income Tax?
An auditor identifies a significant risk around revenue cut-off due to manual end-period adjustments and complex multi-element contracts. The client pro...
An auditor finds material misstatements due to fraud but the management refuses to take corrective action. What should be the auditor’s next step?
‘Goods sent on approval basis’ have been recorded as ‘Credit sales’. This is an example of:
The scope of internal audit is decided by the :
Vouching primarily relates to:
Which of the following provides the most reliable audit evidence?
An auditor concludes financial statements give a true and fair view, except that inventory of Rs. 50 lakh was not physically verified due to management ...
