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Which one is more useful for the firm , accounting concept of profit or economic concept of profit ? Explain .

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Question added by Sunil Joshi
Date Posted: 2018/04/21
Assel Aubakirova
by Assel Aubakirova , Operations controller , Schlumberger Logelco Inc, Aktau

i think economic concept of profit is more useful as accounting concept is more geared towards compliance with accounting standards which may not necessarily be reflective of all economic realities that would ultimately be more relevant to business .

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