In cost accounting, 'Cost Unit' means: MCQ with Answer and Explanation

Explanation:
Funds flow statement explains the change in financial position (working capital) between two balance sheets.

Explanation:
Internal audit is a continuous appraisal system and a vital component of the internal control framework. It is conducted by the management's own staff or appointed internal auditors, not by external statutory auditors. S1 is correct, S2 is incorrect.

Explanation:
The correct accounting equation is Assets = Liabilities + Capital. Therefore, Assets = Capital - Liabilities is mathematically and conceptually incorrect.