Cryptocurrency Q&A
Is profit included in cost?
Is profit included in cost?
KatanaSharp
Wed Jan 22 2025
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7
answers
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I'm trying to understand the relationship between profit and cost in business transactions. Specifically, I want to know if profit is considered as a part of the cost when calculating the overall expense of a product or service.
7 answers
GeishaMelodious
Fri Jan 24 2025
Implicit costs, on the other hand, are less tangible and include opportunities forgone, such as the value of the entrepreneur's time and effort.
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KimonoElegance
Fri Jan 24 2025
The distinction between accounting profit and economic profit is crucial for understanding a business's true financial health.
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Chiara
Fri Jan 24 2025
Economic profit represents the total revenue a business generates after subtracting all associated costs.
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CryptoQueenBee
Fri Jan 24 2025
Accounting profit is calculated based on reported revenues and expenses and is used for tax purposes.
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amelia_martinez_engineer
Fri Jan 24 2025
These costs encompass both explicit and implicit expenses. Explicit costs are straightforward expenses such as rent, wages, and materials.
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