Distinguish between accounting, normal and economic profits. What does normal profit include that accounting profit does not?

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Distinguish between accounting, normal and economic profits. What does normal profit include that accounting profit does not? If Economic profit is = 0, what does that mean for normal profit? Is earning a normal profit good or bad?

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Income Tax Fundamentals 2013

ISBN: 9781285586618

31st Edition

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

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Question Posted: Nov 22, 2017 08:19 AM

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Distinguish between accounting, normal and economic profits. What does normal profit include that accounting profit does not?

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Income Tax Fundamentals 2013

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