daily living, and economic profits from business operations incidental income is the total and in accordance with the principle of matching costs associated with, respectively, in the financial statements reflect the profits are sporadic income, in the accounting statements usually reflected in the net...
Define the following term: Opportunity cost. Opportunity Costs: In economics, the accounting profit for a firm is computed by deducting the explicit or actual costs from the sales revenue. On the other hand, the economic profit is ascertained by deducting the actual costs and implicit or opportun...