An accountant may amortize the expense of a durable good by dividing the total amount spent on the good by the number of years the good is expected to last. An economist may amortize the expense of a durable and never fully account for the total expense
Indicate whether the statement is true or false
True . The accountant uses a set of predetermined rules to amortize the total expense of the good. The economist amortizes based on the opportunity cost of the good, which may never sum to the total expense of the good.
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Who is associated with the following summary of the economic way of thinking: "The theory of economics does not furnish a body of settled conclusions immediately acceptable to policy
It is a method rather than a doctrine, an apparatus of the mind, a technique of thinking which helps its processer draw correct conclusions." A) Adam Smith B) John Maynard Keynes C) President Harry Truman D) Alfred Marshall
The statement "What the economy needs is a good war" is a perverse way of acknowledging that
a. patriotism is an important factor influencing people's acceptance or rejection of specific political parties and that these parties affect national economic performance b. over-population can ignite a population-induced business cycle c. wars require new technology, illustrating the idea that necessity is the mother of invention d. governments can be a cure worse than the disease e. war generates new and multiple demands for goods in the economy and that can jump start an economy that is in a recession into its recovery phase