Administrative departments such as IT and accounting Definition of a Profit Center A profit center is a subunit of a company that is responsible for revenues and costs. If a division of a company has responsibility for revenues, costs, and the resulting profits, it is a profit center. Addition...
(What is a firm’s economic profit and accounting profit? Are both the same? Explain.) (10分) 答:a firm’s economic profit= total revenue - explicit costs - implicit costs A. firm’s accounting profit=total revenue - explicit costs. 相关知识点: 试题来源: 解析 A.firm’s accounting...
Small business owners and self-employed individuals can use a Schedule C form to report profits or losses from a business. When you file your taxes, you can attach Schedule C to your regular 1040 form. If you recently became self-employed or started a bu
When a firm covers its costs of production from its sales revenue, what is left is known as profit. There are two types of profit as explained in economics: accounting profit and economic profit.Answer and Explanation: The accounting profit is profit earned by a firm without considering the ...
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While accounting profit is a critical metric, it is important to distinguish it fromeconomic profit, which incorporates both explicit and implicit costs. Implicit costs, also known as opportunity costs, represent potential earnings from alternative uses of resources. For example, if a business owner ...
What is a good profit margin for a digital marketing agency? Looking at your profit margin may be a more realistic way to analyze your agency’s success, especially if you’re a smaller agency and aren’t looking to compete with major agencies in terms of annual revenue. The average prof...
Realized Profit:Realized profit is a part of the profit that has been converted in the form of cash. The profit calculated as per the financial statements is calculated on an accrual basis is named paper profit. Thus, that part of the profit which has been realized in cash is called ...
Profit is one of the most widely watched financial metrics in evaluating the financial health of a company. It is thefinancial gain or revenuegenerated from any business or investment activity in excess of any expenses, taxes, and any other costs. However, economic profits and accountin...
A company’s ordinary income is thepretax profitgained from selling its products or services. Retailer Target made $107.4 billion in total revenue in its fiscal year (FY) ending Feb. 3, 2024.7However, those sales cost money to generate. ...