an accounting profits is the net profits of every financial transaction it can be in monetary or satisfaction of service rendered.
The difference between profit making accounting and not for profit making accounting is, that question should answer itself! 8^0
No economic profit is not always less than accounting profit; However, if accounting profit is less than economic profit the business would exit the industry.
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accounting for healthcare organizations in not-for-profit ,tend to differ from accounting in other industries.
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Cash accounting and accrual accounting are two methods of accounting in cash accounting system all expenses and revenues are recorded when actual cash is paid or received while in accrual profit and loss statement, revenues and expenses are recorded when they are actually occurred and timing of receipt and payment of cash is not important.
1. Tax is a deductable item from accounting profit as tax is calculated on profit before tax amount to reach at profit after tax account which is also the net profit available for distribution to share holders of company.
Profit that is made by superb accounting. By using the accounting trade, money is saved that would have been lost without it. However I am supposed to reach 150 characters.
as simple as that to know the net profit or loss from business in an accounting period. for more about financial accounting visit indianaccounting.blogspot.com
When running a business it may be a wise idea to purchase profit accounting software. Sites such as Serenic and the SageOne website offer accounting software suitable for all business accounting needs.
it is important because accounting allow us to monitor the profit of the business
First of all, we need to understand what is explicit cost and implicit cost. Explicit cost mean real expenses, while implicit cost mean opportunity cost. In accounting profit, we only minus explicit cost, while in economic profit we minus explicit cost and implicit cost. therefore accounting profit is higher than economic profit.