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Q: True or false Profit equals Total Cost less Total Revenue?
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True or False. Accounting profit equals sales revenue minus explicit costs?

True


True or false Will profits be maximized when total revenue equals total cost?

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True or false Profits will be maximized when total revenue equals total cost?

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A nazard true or false-accrual convention is when the revenue earned for a particular period is added to the expenses involved in making the revenue in that period-accounting?

It is false. The right answer is ,the revenue is matched with expenses involved in making the revenues in that period.\the difference will produce a profit or loss.


Is it true or false that the objective of a firm is to maximize total revenue?

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A person cannot be profit - therefore, a person also cannot be false profit.


Is this statement true or false gross profit minus selling expenses equals net income?

Not really...Gross profit = Net sales - Cost of goods soldThe profit on an item is not dependent upon all of your operating expenses. You would include operating expenses to determine net income for the business, but not to calculate gross profit for the sale of inventory.


The revenue recognition principle dictates that companies recognize revenue in the period in which it was received rather than when it was earned- True or False?

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Is it true that a loss occurs when your revenue exceeds your expenses?

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True or false revenue is a decrease in owners equity?

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The activity variance for revenue is unfavorable if the actual revenue for the period is less than the revenue in the static planning budget true or false?

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