Explanation

A key factor is one which restricts the volume of production.

It is the limiting factor in a business process that determines the maximum output or capacity of production.

Explanation

According to Kurt Lewin, Restraining is not a stage in the change process.

The correct stages are Unfreezing, Changing, and Refreezing.

These stages represent the process of preparing for, implementing, and solidifying changes within an organization.

Explanation

Liquidity ratios determine a company's ability to cover short-term obligations and cash flows.

Solvency ratios are concerned with a longer-term ability to pay ongoing debts.

Explanation

The one-word substitution for the killing of one's son or daughter is filicide.

Filicide specifically refers to the act of a parent killing their own child.

Explanation

Small items like pencils and pens are written off within a year according to the materiality concept.

This concept allows minor expenses to be immediately recorded rather than capitalized, as their impact on financial statements is negligible.

Explanation

The cost which is to be incurred even when a business unit is closed is a shutdown cost.

The shut down price is the minimum price a business needs to justify remaining in the market in the short run.

Explanation

The cost concept basically recognises historical cost or the acquisition cost of the asset.

The value of an asset is to be determined on the basis of historical cost.

Explanation

The wrong rule is "Real account-credit what comes in."

The correct rule for real accounts is to credit what goes out.

Real accounts record assets and liabilities, and credits decrease asset accounts and increase liability accounts.

Explanation

MOST stands for Mission, Objectives, Strategies, and Tactics.

It is a framework used for strategic planning, helping organizations define their mission, set objectives, develop strategies, and outline tactics to achieve their goals.

Explanation

IAASB stands for International Auditing and Assurance Standards Board.

It sets international standards for auditing, assurance, and other related services to enhance the quality and consistency of financial reporting globally.