Suppose That for a Particular Business There Are No Implicit

question 242

Multiple Choice

Suppose that for a particular business there are no implicit costs. Then

• A)accounting profit will be greater than economic profit.
• B)accounting profit will be the same as economic profit.
• C)accounting profit will be less than economic profit.
• D)the relationship between accounting profit and economic profit cannot be determined without more information.

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Definitions:

Field

A specific area of study, work, or interest, often referring to a professional sector or academic discipline.

Profession

An occupation requiring specialized knowledge and often long and intensive academic training.

Civil Law

A system of law based on a code rather than case law, often originally from the Roman Empire, the predominant system of law in the nations of continental Europe and the nations that were once their colonies.

Duties

Obligations or tasks that one is bound to perform as part of a job role, legal requirements, or moral commitments.