As a General Rule, When Accountants Calculate Profit They Account

question 80

Multiple Choice

As a general rule, when accountants calculate profit they account for explicit costs but miss:

• A)sunk costs
• B)goodwill costs
• C)operating costs
• D)implicit costs

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Definitions:

Protected Class

A category of people who are legally protected from discrimination by law, based on characteristics such as race, gender, age, disability, or sexual orientation.

Whistleblower

An individual who reports misconduct, alleged dishonest or illegal activity occurring in an organization.

Qui Tam

A legal provision that allows a private individual to file a lawsuit on behalf of the government against a party allegedly violating the law, often in cases of fraud against government contracts.

At-Will Employment

A employment arrangement where either the employer or the employee can terminate the relationship at any time without cause.