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What else can I help you with?
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.
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)
How will an accounting class help me in my business?
An accounting class would help you manage your books and check both profits and losses for your business. A general accounting course would just give you the basic principles.
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
What is a reasonable profit margin?
what is the difference between reasonable profits and economic profits
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
How does a business function?
by gaining profits
Division of profit and losses in partnership?
Profits and losses are shared evenly Except otherwise stated in the contract.
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.
Can a monopoly earn economic profits in the long run?
Yes
Can a monopoly earn economic profits in the short run?
yes it is
