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The economic systems is based on profit and loss since they reflect the values of the economy in place.
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What is the basis of Economic Systems?
Demand and loss
Write not more than 3 lines explaining the different between the economic profit and accounting profit?
Accounting profits tend to be higher than economic profits as they omit certain implicit costs, such as opportunity costs.For example, if you invest $100,000 to start a business and earned $120,000 in profit, your accounting profit would be $20,000. Economic profit would add implicit costs, such as the opportunity cost of $50,000 should you have been employed instead during that period. As such, you would have an economic loss of $30,000 ($120,000 - $100,000 - $50,000).
What the antonym of profit?
loss
The difference between total revenue and total cost?
profit or loss
Is a business making a profit when the revenue is less than its cost?
NO, if reveneu is less then cost then company is in loss as following forumula: Net profit (loss) = Revenue - Cost
What is the basis of Economic Systems?
Demand and loss
Why would stock be expensed in the profit and loss account?
Stock would be expenses to the profit & loss account (P&L) when: * It was used, or * It had no economic value
How do I calculate simple profit and loss?
Profit or loss = income - expenses. A positive number is profit, a negative number is loss.
Why profit and loss account is called as profit and loss account and why not profit or loss account?
Tradition, and the need to call it something.
Do provisions for loan loss go in the balance sheet or profit and loss?
Profit and Loss.
How do I Find the incremental profit or loss?
The incremental profit or loss is the change in profit or loss over the designated time period. After calculating the profit or loss, for example on a monthly basis, the delta between that and the average monthly profit or loss from the prior year can be determined.
What is the difference between profit and loss account and profit and loss appropiation account?
Profit and loss accont is used to calculate the profit or loss of business while profit and loss appropriation account is used to allocate or distribute net income or loss to share holders or different reserves account.
What are the limitations of profit and loss account?
"What are the limitations of profit and loss account?"
What are the Advantages of a profit and loss statement?
what are the advantages of profit and loss statement?
Advantages and disadvantages of trading profit and loss account?
: Profit and loss account gives the actual information about net profit or net loss of the business for an accounting period, Profit and loss account gives the actual information about indirect expenses, Profit and loss account serves to show the ratio between net profit to sales, Profit and loss account helps in showing the ratio between net profit to operating expenses, Profit and loss account helps in controlling indirect expenses
Write not more than 3 lines explaining the different between the economic profit and accounting profit?
Accounting profits tend to be higher than economic profits as they omit certain implicit costs, such as opportunity costs.For example, if you invest $100,000 to start a business and earned $120,000 in profit, your accounting profit would be $20,000. Economic profit would add implicit costs, such as the opportunity cost of $50,000 should you have been employed instead during that period. As such, you would have an economic loss of $30,000 ($120,000 - $100,000 - $50,000).
If the income of a business exceeds its costs the money that remains is called the?
profit
