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2 years ago

Distinguish between economic and accounting profit

Business

2 answers:

Masja [62]2 years ago

8 0

Answer:

The main difference between accounting and economic Profit is that accounting profit refers to monetary revenue minus monetary costs which includes any type of cost in the organization in the form of rents, salaries, material costs etc. Economic profit refers to the monetary revenue minus total cost.

Explanation:

maksim [4K]2 years ago

5 0

The differences between economic and accounting profits exist in their definitions, despite their similarities.

<h3>What is economic profit?</h3>

Economic profit has the following characteristics:

It includes both explicit and implicit costs.
It is determined by economic principles, especially the economic concept of opportunity cost.
In summary, economic profit is the total revenue minus both implicit (opportunity cost) and explicit costs.

<h3>What is accounting profit?</h3>

Accounting profit has the following characteristics:

It includes only explicit costs.
It is determined by accounting principles (U.S. GAAP or IFRS).
It is equal to net income or revenue minus explicit expenses.

Thus, there are differences between accounting and economic profits.

Learn more about economic and accounting profit at brainly.com/question/25742185

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Which ics function is responsible for documentation for mutual aid agreements?

Softa [21]

Planning

The Incident Command System is a management construct which functions to help resource management during incidents. It involves Mutual-Aid Agreement which is the document between agencies in writing.

The Incident Command System- Planning Section is tasked to collect, evaluate, disseminate information and prepares and documents Incident Action Plans. Documentation is one of the main responsibilities of the Planning Section.

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3 years ago

Read 2 more answers

Hans entered the U.S. on December 15, 2013 in F-1 immigration status. He had never been to the United States before and he did n

Taya2010 [7]

Answer:

Explanation:

The F-1 immigration status visa allows a foreigner like Hans to pursue academic studies in the United States.

It is important to note that an F-1 status holders can work legally and earn income on-campus, through scholarships etc, and are therefore <em>mandated </em>to file tax returns reporting all such income and pay taxes on it.

Since Hans arrived in the United States for the first time, he can file as nonresidents for tax purposes.

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3 years ago

Ben is a member of the electricians' union, which is currently striking against Rawlings Manufacturing. However, Ben does not su

zhannawk [14.2K]

Answer:

60%

Explanation:

The union cannot prohibit Ben from going back to work but they can take disciplinary action against him for doing so. Federal courts have ruled in favor of different unions regarding disciplinary actions and as long as Ben remains a union member he can be fined, but not forced to resign. If Ben wants to avoid paying the fine, he should leave the union before going back to work.

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3 years ago

Which of the following is true?Select one:a. Overhead costs are often affected by many issues and are frequently too complex to

Vsevolod [243]

Answer:

e. When cost analysts are able to logically trace cost objects to costs, costing accuracy is improved.

Explanation:

Overhead costs are costs which can not be attributed to a particular item . So it is distributed among more than one item on some basis.

For example electricity cost is a common overhead in a company having two machines one producing pen and the other producing paper . The overhead electricity cost can be scientifically apportioned in the cost analysis of pen and paper on the basis of wattage capacity of machines used in the manufacture of pen and paper .

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3 years ago

On October 1. Ebony Ernst organized Ernst Consulting, on October 3. the owner contributed $84,310 in assets in exchange for its

LuckyWell [14K]

Answer and Explanation:

The Preparation of the statement of cash flows is shown below:-

<u>Ernst Consulting</u>

<u>Statement of cash flows</u>

<u>For the year ended Oct 31</u>

<u>Particulars Amount</u>

Cash flow from operating activities

Cash paid for salaries -$2,160

($7,350 - $5,190)

Cash paid for rent -$3,910

Paid cash for telephone

expense -$790

Paid cash for miscellaneous

expense -$610

Net cash flow from operating activities -$7,470

Cash flow from investing activities

Purchase of equipment -$18,310

Net cash flow from investing activities -$18,310

Cash flow from financing activities

dividend paid -$2340

Initial investment in Cash $38,320

Net cash flow from financing activities $35,980

Net cash increase/decrease $10,200

Beginning Cash 0

Ending Cash $10,200

Therefore we indicate the minus sign for cash outflow while the positive amount shows cash inflow.

3 0

3 years ago