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[DOC File]Outline for Chapter 1 - Winthrop University
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The difference between economic profit and accounting profit is that accounting profit does not take into account opportunity costs but economic profit does. In other words, economic profit considers what the person is giving up as a cost.
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[DOC File]Business continuity plan example
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Accounting is considered the language of business. This is because in today’s business world it is impossible to get by without accounting. Every organization—whether profit making or not-for-profit—must make good decisions in order to survive. Accounting provides information that is the basis for making those decisions. Definition of ...
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[DOC File]CHAPTER 10: Costs 131
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annual financial statements. Alternatively, assets with an economic useful life of 12 months or less are required to be expensed for financial statement purposes, regardless of the acquisition or production cost. Recordkeeping. Invoice substantiating an acquisition cost of each unit of property shall be retained for a minimum of four years.
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Difference Between Accounting Profit and Economic Profit ...
Profit = total revenue minus total cost. There are different ways of looking at total cost and at profit: Explicit and Implicit Costs. Definition of explicit cost: Examples: Definition of implicit cost: Examples: Three Ways of Measuring Profit. Ex. 1. Accounting profit = Economic profit = OR. Economic profit = Normal profit: = Production in the ...
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[DOC File]CHAPTER 1 - THE ART AND SCIENCE OF ECONOMIC ANALYSIS
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Business versus Economic Profit – examples. Measure Profit by return on stockholders equity. Accounting net income / book value of the firm. What is a good rate of return? The average compound after-inflation rate of return on stocks from 1802 through 2002 was 6.8 percent per year, and this number has remained remarkably steady over time.
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[DOC File]Sample Fixed Asset Policy
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Examples might include: A generator being hit by lightning. A car crashing into nearby electrical wires. Severe flooding in the area. The facility is disabled by loss of computer function. Examples might include: A breech has occurred in the network and the server has been shut down due to a computer virus . The server gives out and must be ...
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[DOC File]HA 191 Lecture 1 - Kent State University
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Economic profit will usually be less than accounting profit because economic profit accounts for the full opportunity cost of all factors of production. Therefore, if economic profit is positive, resources will be attracted into the industry to take advantage of the returns that exceed the opportunity cost of the resources being used.
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[DOC File]Chapter 1 Financial Management and Financial Objectives
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GDP as an economic measure is important because it is a measure of a nation’s economic output. It facilitates comparisons between the United States and other countries, since it is the standard used in international guidelines for economic accounting. GDP allows observers to determine, over several time periods, the extent of economic growth. 12.
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[DOC File]Chapter 1 The Nature of Accounting
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A One of the problems with maximizing accounting profit as a financial objective is that accounting profit can be manipulated. B A target for a minimum level of dividend cover is a target for a minimum dividend payout ratio. C The welfare of employees is a financial objective
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[DOC File]CHAPTER 1
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Similar to generally accepted accounting principles used by for-profit entities, nonprofit organizations are required to provide an estimated allowance for uncollectible accounts receivable. The organization’s accounting policy for receivables and uncollectible accounts should be disclosed in Note A to the financial statements.
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Accounting and economic profit examples