Refer to Scenario 7

question 263

Multiple Choice

Refer to Scenario 7.5 below to answer the question(s) that follow.
SCENARIO 7.5: You own and are the only employee of a company that customizes bicycles.
Last year your total revenue was $60,000. Your costs for rent and supplies were $25,000.
To start this business you invested an amount of your own capital that could pay you a $45,000 a year return.
-Refer to Scenario 7.5. Your accounting profit last year was

• A) -$10,000.
• B) $15,000.
• C) $35,000.
• D) $60,000.

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Definitions:

Post-painterly Abstractionists

Artists involved in a movement characterized by a focus on open compositions, simple structures, and clarity of form, reacting against the emotional content of Abstract Expressionism.

Abstract Expressionists

Artists who embraced a style of painting characterized by gestural brush-strokes or mark-making, conveying deep emotions and personal expression, prominent in the mid-20th century.

Detached Rationality

An approach or mindset characterized by objective, dispassionate reasoning, often separating emotional involvement from logical analysis.

Sydney Opera House

An iconic multi-venue performing arts centre in Sydney, Australia, known for its distinctive sail-like architecture.