Explanation

Inherent risk is the risk posed by an error or omission in a financial statement due to a factor other than a failure of internal control.

Explanation

Audit Risk is the combination of the following 3 risks:

1. Control Risk

2. Detection Risk

3. Inherent Risk

Explanation

Audit Risk is the combination of the following 3 risks:

1. Control Risk

2. Detection Risk

3. Inherent Risk

Explanation

An independent auditor's report contains an opinion as to whether the financial statements present fairly, in all material respects. 

Explanation

Operating costs include necessary expenses like rent, utilities, payroll, and supplies.

Explanation

Any business's long-term objective is wealth maximisation.

In comparison, profit maximisation is a short-term objective.

Maximising profits guarantees the company's growth and longevity.

Wealth maximisation, in contrast, concentrates on a company's long-term rate of growth by growing its market share.

Explanation

The journal, ledger are all related to financial accounting.

Management accounting is generally concerned with maintaining the risk and decisions.

Explanation

The term "Management Accounting" was first used in 1950.

The concept of management accounting was introduced by James H. Bliss.

Explanation

Process costing is not the tool of management accounting.

Process costing is the most common cost accounting method applied within manufacturing companies.

Explanation

Standard cost accounting can be a highly beneficial tool for managers who are attempting to plan a more accurate budget.

Both budgetary control and standard costing are forward-looking and predetermined techniques of costing