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Accounting profit is typically Multiple Choice greater than economic profit because the former does not take implicit costs into account. greater than economic profit because the former does not take explicit costs into account. smaller than economic profit because the former does not take implicit costs into account. equal to economic profit because explicit costs include all opportunity costs.
Question: Question 1 Accounting profits are typically: equal to economic profits because accounting costs include all opportunity costs. O greater than economic profits because the former do not take implicit costs into account. smaller than economic profits because the former do not take implicit costs into account.
To identify the true statement about economic profit, you need to understand what it constitutes: economic profit considers both explicit and implicit costs, unlike accounting profit which considers only explicit costs.
The economic profit from a business endeavor is: always equal to the accounting profit. typically greater than the accounting profit. typically less than the accounting profit. usually equal to the amount of revenue earned from the endeavor.
Question: Complete the sentences to illustrate how economists and accountants view profit differently. Economic profit is always zero O typically lower than accounting profit. typically higher than accounting profit. Economic costs and accounting costs differ because accountants include both explicit and implicit costs. only explicit costs.
Question: Accounting profit is typically greater than economic profit because accounting profit does not take explicit costs into account. greater than economic profit because accounting profit does not take implicit costs into account. smaller than economic profit because accounting profit does not take implicit costs into account. equal to ...
Accounting profit is most referred to as net income. Accounting profit is seen most commonly on income statements. It is simply revenue less explicit costs. Explicit costs are the recognized costs ...
Accounting profit typically exceed economic profit because accounting profit includes intangible revenue sources economic costs involve all relevant opportunity costs accounting cost contains implicit costs accounting practice is to allocate fixed costs to other activities This is incorrect. Economic profit is usually greater than accounting ...
ILEY > Activities and Due Dates > HWT: Homework - Ch. 7: Costs and Industry Structure Complete the sentences to illustrate how economists and accountants view profit differently. Economic profit is O always zero. O typically higher than accounting profit typically lower than accounting profit.
Because cost typically exceeds cost, profit typically exceeds profit. accounting accounting accounting accounting economic economic economic economic Your solution’s ready to go! Our expert help has broken down your problem into an easy-to-learn solution you can count on.