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Which of the following statements is (are) TRUE?
I. Accounting profit equals total revenue minus accounting cost.
II. Economic cost equals accounting cost minus opportunity cost.
III. Economic profit equals accounting profit plus opportunity cost.
IV. Economic profit equals total revenue minus economic cost.

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oreoluwa2001ng

Answer:Accounting profit equals total revenue minus accounting costs

Explanation: Accounting profits are actual profits a company makes during a particular accounting year and it can be calculated using the company's total revenue (sales) minus the company's costs ( costs of sales (purchases) plus operating costs) for that particular period under review.

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