ACCOUNTING VERSUS ECONOMIC PROFIT SECTION Use the information below to answer questions 1 through 3. Assume you left a $44,000 a year job at an accounting firm to do taxes for your clients. To simplify, assume you paid the same in income taxes when you worked for the accounting If your revenue during the first year of business is $55,000, and you incurred $2,000 in expenses for supplies, how much is your accounting profit? How much is your economic firm and when you had your own business. 1. profit? 2. If your revenue during the first year of business is $48,000, and you incurred $4,000 in expenses for supplies, how much is your accounting profit? How much is your economic profit