On the Work Sheet,net Income Is Entered in the Income

question 62

True/False

On the work sheet,net income is entered in the Income Statement Credit column as well as the Balance Sheet Debit column.

---

Definitions:

Economic Profit

is the surplus or gain realized when the total revenues generated by a business exceed the explicit and implicit costs of operation.

Average Total Cost

The sum of all production expenses divided by the amount of products made.

Units

Basic measures or quantities, such as length, mass, time, etc., that serve as standards for expressing and comparing quantities.

Average Total Cost

The total cost of production (fixed and variable costs combined) divided by the number of units produced.