Excess income over and above the expected amount of after-tax operating income is called:
a. extraordinary profit.
b. remaining profit.
c. economic profit.
d. monetary profit.
ANSWER: C
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Logan is a director for Metal Masters Company. Ordinarily, Logan owes fiduciary duties only to
A. himself. B. Metal Masters's creditors. C. Metal Masters's personnel. D. Metal Masters's shareholders.
Ryan decided to review his personal risk management program. His car is 10 years old, and he would receive little money from his insurer if the car was damaged or destroyed. Ryan decided to drop the physical damage insurance on the car
From a risk management perspective, dropping the physical damage insurance on the car is best described as A) increasing the use of avoidance in the risk management program. B) increasing the use of noninsurance transfer in the risk management program. C) increasing the use of retention in the risk management program. D) increasing the use of risk control in the risk management program.
Price reduction is not available as a buyer's remedy for the seller's breach under the CISG if: A) the seller has already delivered conforming substitute goods
B) the buyer has refused to accept the seller's attempt to cure the breach. C) the buyer has avoided the contract and refused delivery. D) all of the above.
Types of adjusting entries include all of the following except:
A. Accrued Revenues B. Accrued Expenses C. Prepaid Items D. Accrued Cash