Explain the Difference Between Macro-Uniform-Based and Micro-Based Accounting Systems

question 52

Essay

Explain the difference between macro-uniform-based and micro-based accounting systems.What are some examples of countries that fit in each system?

---

Definitions:

Long-run Average Cost Curve

A curve that shows the lowest cost at which a firm can produce any given level of output in the long run, when all inputs are variable.

Monthly Production

The total quantity of goods or services produced by a company, industry, or economy over the span of a month.

Production Cost

The total expense incurred in manufacturing a product or offering a service, including raw materials, labor, and overheads.

Learning Curve

A graphical representation showing the rate of improvement in performance or a learning process as a function of experience or the number of trials.