Which of the following is the formula used for computing an accounting profit?
A) accounting profits = total revenue - implicit costs
B) accounting profits = total revenue - (implicit + explicit costs)
C) accounting profits = total costs - total revenue
D) accounting profits = total revenue - explicit costs
Correct Answer:
Verified
Q221: An example of an implicit cost is
A)
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Q227: Accounting profits are
A) total revenue minus explicit
Q228: Which of the following statements regarding accounting
Q229: Economic profits are
A) total revenue minus explicit
Q230: If the interest rate is 1 percent
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