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- Accounting loss is calculated by subtracting expenses from revenue, while economic loss considers both explicit costs and opportunity costs123. Specifically:
- Accounting loss: Based on actual cash outlays and inflows.
- Economic loss: Incorporates a "what if" analysis and considers opportunity costs.
Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.Accounting costs represent anything your business has paid for. You can calculate accounting cost by subtracting your expenses from your revenue. Economic costs represent any “what-if” scenarios for your business. You can calculate economic cost by subtracting implicit costs from your accounting cost.www.fool.com/the-ascent/small-business/accountin…Accounting profit measures the actual cash outlays and inflows, while economic profits incorporate a “what if” analysis. For this reason, an entity may report an accounting profit but realize an economic loss because resources could have been utilized better.www.investopedia.com.cach3.com/terms/e/econo…Economic profit equals total revenue minus total cost, where cost is measured in the economic sense as opportunity cost. An economic loss (negative economic profit) is incurred if total cost exceeds total revenue. Accountants include only explicit costs in their computation of total cost.www.opentextbooks.org.hk/ditatopic/7544 - People also ask
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WEBApr 11, 2024 · Economic profit (or loss) is the difference between the revenue received from the sale of an output and the costs of all inputs, including opportunity costs.
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WEBMay 10, 2024 · Accounting profit subtracts only explicit costs from revenue. These are actual costs of the business, such as wages or cost of goods sold. Economic profit subtracts both explicit and implicit...
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WEBKey Takeaways. Economic profit considers both explicit costs and opportunity costs. Formula: Economic Profit = Total Revenue – Explicit Costs – Opportunity Costs. Example: Revenue of $10,000, explicit costs …
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· Accounting Profit vs. Economic Profit. Accounting profit is a company’s net earnings on its income statement, whereas economic profit is the value of cash flow that’s generated above all other opportunity costs.WEBUp to3.2%cash backAccounting Profit vs. Economic Profit: What's the …
WEBSep 23, 2021 · Economic profit is a little trickier than accounting profit. With economic profit, you look at revenue, explicit costs, and implicit costs. Unlike accounting profit, economic profit includes the opportunity costs …
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