Ask Question, Ask an Expert


Ask Accounting Basics Expert

The net income presented on an income statement prepared in conforming with generally accepted accounting principles generally is:

a. Equal to economic profit

b. Greater than economic profits because interest is not considered in calculating economic profits

c. Greater than economic profits because opportunity costs are not considered in calculating net income

d. Less than economic profits because economic profits don't include fixed costs

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M942841

Have any Question? 

Related Questions in Accounting Basics

Capital rationingthe availability of funds effects the

Capital Rationing The availability of funds effects the capital budgeting decisions. The amount of funds available for capital expenditures will be either limited or unlimited. Funds would be considered unlimited when a ...

Accounting chatchat 1300 words or lesswhat is the

Accounting Chat Chat #1 300 words or less What is the difference between cash and accrual basis of accounting? What kind of accounts are affected with adjustments? How to determine if an account or transaction is for a p ...

Learning objective 1 explain accounting language consider

(Learning Objective 1: Explain accounting language) Consider Wal-Mart, a large retailer. Classify the following items as an Asset (A), a Liability (L), or Stockholders' Equity (S) for Wal-Mart: a. Accounts payable b. Com ...

Taskin april 2016 the fair work ombusman released a report

Task In April 2016, the Fair Work Ombusman released a report on the findings of this inquiry on the 7 Eleven franchise network. The inquiry was prompted by allegations of systemic non-compliance with federal workplace la ...

Assignment - auditing acct30001 during the last 12 months

Assignment - Auditing ACCT3000 1. During the last 12 months, Pacific Water Designs Ltd (PWD) profits have increased because of a significant drop in the cost of component parts from Germany as well as the introduction of ...

Contaminated blood culture specimens in the emergency

Contaminated Blood Culture Specimens in the Emergency Department: Making the Business Case for Improving Quality 1. Scenario. As part of an organization-wide performance improvement initiative to address the accuracy and ...

Practice questionswhy is a balance sheet claimed to be a

Practice questions: Why is a balance sheet claimed to be a statement of the financial position of a business? What limitations do you think it has?

Question 1problem a if the ceo wants to plan expansion in

Question 1: Problem A If the CEO wants to plan expansion in two new states, which should he choose, and what is the expected total cost?   Declining Same Improving EMV State 0.25 0.4 0.35   Kentucky 22 19 15 18.35 Maryla ...

Exercise 1making special pricing decisionssuppose the

Exercise 1 Making special pricing decisions Suppose the Baseball Hall of Fame in Cooperstown, New York, has approached Hungry-Cardz with a special order. The Hall of Fame wishes to purchase 55,000 baseball card packs for ...

Accountingratios1 pick a ratio and describe how it is

Accounting Ratios 1. Pick a ratio and describe how it is figured. Then discuss what this ratio tells us about an organization. Financial Statement Analysis author's Corners Video 2. What are the main objectives of ratio ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate