Multiple Choice
Sam quit his job as an accountant with We Keep Books Accurately to open his own accounting firm.He earned $40,000 with the accounting firm We Keep Books Accurately.During the current year Sam had revenues of $190,000 and total expenses of $110,000.Sam earned an
A) entrepreneurial profit of $80,000,and an accounting profit of $40,000.
B) entrepreneurial profit of $80,000.
C) accounting profit of $40,000.
D) accounting profit of $80,000 and an entrepreneurial profit of $40,000.
E) cannot tell with the information provided.
Correct Answer:
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