Which Amount Is Directly Found on the Worksheet

question 83

Multiple Choice

Which amount is directly found on the worksheet?

• A)Cost of Goods Sold
• B)Purchases
• C)Gross Profit
• D)Net Sales

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Definitions:

Implicit Costs

They represent the opportunity costs of using resources that a company already owns, rather than the out-of-pocket expenses.

Economic Costs

The total cost of production, including both explicit costs like wages and materials and implicit costs such as opportunity costs.

Accounting Profit

The total revenue of a business minus the explicit costs associated with that revenue, calculated using generally accepted accounting principles (GAAP).

Long Run

A period of time in economics during which all factors of production and costs are variable, allowing for full adjustment to changes.