(i) Inventory turnover ratio is a relationship between the cost of goods sold during a particular period of time and the cost of average inventory during a particular period. It is expressed in number of times.
(ii) Inventory turnover ratio indicates the number of times, the stock has been turned over during the period and evaluates the efficiency with which a firm is able to manage its inventory.

Ethical are being violated as the employer is not right in this conduct.

(i) In the case of over subscription, the shares are allotted to the public with certain number lesser than the number of shares they applied for, in certain basis.
(ii) It is called pro - rata allotment.

There is no conflict between both the analysis because both serve different purposes. Horizontal analysis is used for intra-firm comparison and vertical analysis is used for inter-firm comparison. In real practice, both the analysis are complementary in nature.

It is so because receipts and payments account is prepared on cash basis of accounting

At the time of retirement a partner is entitled to get an amount equal to his share in profits out of firm's goodwill

It is so because salary or commission paid to a partner is not a charge on profit but an I appropriation of profit.

Revaluation account will be debited. Increase in bills payable is a loss for the firm. Being a nominal account, to record this loss, revaluation account will have to be debited.

(i) Simple method: Proprietors, who do not have the proper knowledge of accounting principles. Find it much convenient and easier to maintain their business records under this system.
(ii) Less expensive: It is an economical mode of maintaining records as there is no need to appoint specialised accountant.
(iii) Flexible: Owner may record transactions as particular own needs. It can be easily adjusted or changed whenever needed.
(iv) Less time consuming: Maintaining books according to the single entry system is less time consuming, as only few books are to be maintained. Further the books are not as comprehensive as they are under double entry system.

If the firm enjoys good reputations for its product's quality, there will be higher sales and the value of its goodwill will increase.