During the month of July, your company makes $12,000 in total sales. Supplies cost you $3,000, and you pay your employees $4,000. What are your total accounting profits?  a. $4,000 b. $5,000 c. $12,000 d. $7,000

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Accounting and Economic Profit analysis

One comes across the concept of Profits in the context of business and in analyzing the results of business activity. Profits of a business can be accounting profits, and they can also be economic profits. So how does one understand the concept of accounting versus economic profits?