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What is a reasonable profit margin?
what is the difference between reasonable profits and economic profits
Division of profit and losses in partnership?
Profits and losses are shared evenly Except otherwise stated in the contract.
Can current year profits be offset by prior year suspened losses?
Yes, in many tax jurisdictions, current year profits can be offset by prior year suspended losses through a process known as loss carryforward. This allows businesses to apply unused losses from previous years to reduce taxable income in the current year. However, specific rules and limitations vary by jurisdiction, so it's important to consult tax regulations or a tax professional for precise guidance.
The convention of conservatism takes into account all prospective profits but leaves all prospective losses?
According to this concept "expected losses are losses but expected gains are not gains". On the basis of this concept closing stock is valued at cost price or market price, whichever is lower. Provision for bad and doubtful debts are maintained.
Is retain earning account is equal to profit or loss?
Profits and losses are determined via the income statement. When you close out the books for the year that profit or loss gets closed and becomes part of the retained earnings. A loss would decrease retained earning and a profit would increase it. Loosely put, the retained earnings account is a cummulation of all the profits and losses over the years (not counting any other things that affect the bottom line like dividends paid out and such)
What is the economic function of profits and losses?
The economic function of profits and losses is to determine the performance of a company. This is what will contribute to the overall measure of the economy in a region.
From society's point of view the economic function of profits and losses is to?
direct resources in response to changes in the economy
How do you calculate economic profits?
Profits = revenues - expenses
Economic profits in an industry suggest the industry?
economic profits in a industry suggest the industry
Accounting profits are typically?
greater then economic profits,as accounting profits do not include implicit costs
Economic profits and losses are true market signals because they?
because they convey info about rewards people should anticipate experiencing by shifting resources from one activity to another
What is a reasonable profit margin?
what is the difference between reasonable profits and economic profits
Division of profit and losses in partnership?
Profits and losses are shared evenly Except otherwise stated in the contract.
How does a business function?
by gaining profits
A firm jointly owned and run by two or more people who share all profits and losses is a?
A firm jointly owned and run by two or more people who share profits and losses is a partnership.
Why do you prepare a profit and loss appropriation account?
profit & loss appropriation accounts are prepared after profits. Basic purpose is to show how the profits are distributed.NOT only profits but also concerned losses.
What does the word entrepreneur?
Entrepreneur is a person who actually does the business. He/She is responsible for the profits or losses.
