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Accounting Profit is a company's sum total earnings, computed according to Generally Accepted Accounting Principles (GAAP), and involves the explicit costs of operating business, like interest, depreciation and taxes.
Accounting profits tend to be more than economic profits as they skip some implicit costs, like opportunity costs. For instance, if you invest $100,000 to establish a business and gained $120,000 in profit then your accounting profit would be $20,000. Economic profit would put in implicit costs; like the opportunity cost of $50,000 should you have been employed in its place during that particular period. As shown by this, you would have an economic loss of $30,000 i.e. $120,000 - $100,000 - $50,000).
Identify the management assertions related to each of the fictitious supplier credits and unrecorded amounts in accounts payable using the facts presented
Frontier Sports sells hunting and fishing equipment and provides guided hunting and fishing trips. Frontier Sports is owned and operated by Wally Schnee, a well-known sports enthus
Ask question #1.The annual overhead costs for Mona Claire Holdings which has three production centres and two service centres as follows; Indirect wages and supervision Machine
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how long will it take to get answers after question are submitted
How marginal costing would improve the problems faced in absorption costing on manipulation of profits.
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