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The figures in the table represent Aurora's Orchid Emporium's annual costs and revenue. Aurora works at the Orchid Emporium for 60 hours per week. Aurora owns the building that houses the Orchid Emporium, and if she closed the shop, she could rent it out for per year and work for Acme Flowers for per year. Determine Aurora's Orchid Emporium's economic profit and cost. Are these the same figures as the accounting cost and profit? Explain.
Three groups that participate in the process of establishing GAAP are users, preparers, and auditors. These groups are represented by various organizations. For each organization listed below, indicate which of these groups it primarily represents.
- Securities and Exchange Commission
- Financial Executives International
- American Institute of Certified Public Accountants
- Institute of Management Accountants
- Association of Investment Management and Researc