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The sum of the explicit and implicit costs incurred in the production process is called?
Fixed
Difference between imputed and implicit cost?
According to the "Bible" for accounting terminology, Barron's Dictionary of Accounting Terms, 5th Edition, they are the same. In fact, when you look up implicit cost, it refers you to imputed cost. This is the definition of imputed cost: "A cost that is implied but not reflected in the financial reports of the firm: also called implicit cost. Imputed costs consist of opportunity costs of time and capital that the manage has invested in producing the given quantity of production and the opportunity costs of making a particular choice among the alternatives being considered."
What is least cost method?
An algorithm that finds the five least-cost sequences for scheduling military personnel through a series of courses where the costs incurred are transportation costs. The algorithm adapts the implicit enumeration approach of integer programming to this pipeline flow problem and will require at least [(n - 2.8)n]' fewer computations than total enumeration, where [n] is the number of courses. It can also be used to determine the least-costsequences when mixed travel modes are involved.
Are selling costs variable costs?
If selling costs varies with production level then selling costs are variable costs but if they remain fix then these are fixed costs.
What is the difference between actual costs and budgeted costs?
Actual Costs are costs which have occurred and can be reliably measured. Budgeted Costs are costs which have been estimated, possibly by using Forecasted Costs.
Describe the differences between implicit costs and explicit costs?
Explicit costs are those that are a result of a product. Implicit costs are costs that are associated with a product, but they can't be directly linked to the product.
Are depreciation charges implicit cost?
yes, depreciation is an implicit cost. but this implicit cost is added to total costs in calculating accounting profits.
What are implicit and explicit?
Explicit costs are payments the firm makes for inputs such as wages and salaries to its employees, whereas implicit costs are non-expenditure costs that occur through the use of self owned resources such as foregone income.
How is an implicit finance charge calculated?
Implicit costs are opportunity costs which occurs due to a selection of choice. Suppose you want to deal with Client A instead of Client B. The implicit charge would be the amount you would have earned, had you worked with Client B.
The explicit costs of going to college include?
Tuition costs and the cost of books, whereas the implicit costs include foregone income.
Give three examples of implicit costs in household enterprise?
Do ho
What are the example explicit and implicit costs?
kamukha mo si oding
The sum of the explicit and implicit costs incurred in the production process is called?
Fixed
Accounting profits are typically?
greater then economic profits,as accounting profits do not include implicit costs
Is chocolate fair trade always fair and why?
No, because there are implicit costs to the chocolate trade fair
Difference between imputed and implicit cost?
According to the "Bible" for accounting terminology, Barron's Dictionary of Accounting Terms, 5th Edition, they are the same. In fact, when you look up implicit cost, it refers you to imputed cost. This is the definition of imputed cost: "A cost that is implied but not reflected in the financial reports of the firm: also called implicit cost. Imputed costs consist of opportunity costs of time and capital that the manage has invested in producing the given quantity of production and the opportunity costs of making a particular choice among the alternatives being considered."
Why would an accountant say a firm is making a profit and an economist say it is losing money?
Economists always include both implicit and explicit costs in the calculation of their profits while accountants only cater for explicit costs when calculating profits.So due to the inclusion of opportunity costs, which can be termed implicit costs, economists' profits will always be lower than accountants' profits.Hence an accountant may say they are making profits while it is different from an economist's view.
