Accounting Profit: Definition & Formula


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question 1 of 3

Accounting profit is calculated as:

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1. Which of the following would NOT be included in accounting profit?

2. Accounting profit is closely related to or often the same as which of the following?

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About This Quiz & Worksheet

This quiz/worksheet combo will gauge your understanding of an income statement and how it reports on a company's accounting profit. You will be quizzed on terms and procedures used in this accounting process.

Quiz and Worksheet Goals

In these assessments, you'll be tested on:

  • Calculations used to determine accounting profit
  • What accounting profit reflects
  • Another term for accounting profit
  • Arriving at accounting profit in different types of business and industry

Skills Practiced

This worksheet and quiz will allow you to test the following skills:

  • Reading comprehension- ensure that you draw the most important information from the related lesson about how to determine accounting profit
  • Interpreting information - verify that you can read information regarding accounting formulas and interpret it correctly
  • Knowledge application - use your knowledge to answer questions about how costs and expenses are reflected in an income statement

Additional Learning

To learn more about these processes, review the accompanying lesson called Accounting Profit: Definition & Formula. This lesson covers the following objectives:

  • Define accounting profit
  • Explain explicit and opportunity costs
  • Illustrate formulas used in calculating accounting profit
  • Provide an example of an income statement