In Order to Be Reported,liabilities Must

question 139

Multiple Choice

In order to be reported,liabilities must:

• A)Be certain.
• B)Sometimes be estimated.
• C)Be for a specific amount.
• D)Always have a definite date for payment.
• E)Involve an outflow of cash.

---

Definitions:

Economic Profit

The difference between a firm's total revenues and its total costs, including both explicit and implicit costs, as opposed to accounting profit which only subtracts explicit costs.

Purely Competitive

A market structure characterized by a large number of sellers and buyers, homogeneous products, and no barriers to entry or exit.

Short-run Supply Curve

Represents the relationship between price and quantity supplied over a short period, assuming some inputs are fixed.

Marginal Cost Curve

A graphical representation showing how the cost to produce one additional unit of output changes as production increases.