Which term describes the firm’s profit after accounting for all costs?

The term that accurately describes a firm's profit after accounting for all costs is "accounting profit." Accounting profit is derived by subtracting explicit costs, such as wages, rent, and materials, from total revenue. This measure illustrates the actual profit that a firm realizes and is recorded in financial statements, making it a crucial figure for both management and stakeholders to assess the firm's financial health.

Normal profit refers to the level of profit necessary to keep a firm in operation in the long run, where total revenue equals total costs, including opportunity costs. Super normal profit, on the other hand, occurs when a firm earns more than its normal profit, indicating that it is earning an economic surplus. Total revenue reflects the total income a company receives from selling its goods or services before any costs are deducted. Thus, while super normal profit can indicate exceptional earnings, it does not encapsulate total profit after all expenses are accounted for.

In this context, accounting profit encompasses the net income that remains after all of a firm's explicit costs have been deducted, making it the correct answer for the definition of a firm's profit post-cost considerations.