Please use the space provided on the inside cover of the Candidate Answer Booklet to indicate your chosen answer to each multiple choice question.
Each question is worth 2 marks

 Which of the following statements concerning profit are correct?
1 Accounting profit is not the same as economic profit
2 Profit takes account of risk
3 Accounting profit can be manipulated by managers 
A 1 and 3 only
B 1 and 2 only
C 2 and 3 only
D 1, 2 and 3

Answer:

A

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