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Economic vs Accounting profit

Explicit vs Implicit cost

WELCOME

FUN FACTS

Segregate the given cost according to nature:

Implicit cost

FUN

FACTS

1. Rent

2.Salary to owner

3.Rent of owner's building

4.Salaries

5.Interest on owner's capital

6.Advertisement

7.Wages

Explicit cost

Answers:

Implicit cost:

  • Interest on owner's capital,
  • Salary to owner,
  • Rent of owner's building

Explicit cost:

  • Salaries,
  • Rent,
  • Advertisement,
  • Wages

RESULT TIME

Economic vs Accounting profit

RULES

LIST

OF RULES

3

Knowledge check

Check your knowledge

Q2. Implicit cost is also known as?

A. Direct costs

B. Opportunity costs

C. Explicit costs

D. Total revenue

E. Fixed costs

Q3. Net Income always shown in ?

A. Cash flow statement

B. Balance sheet

C. Income statement

D. None of above

Q1. All of the following are included in the calculation of accounting profit EXCEPT which of option?

A. Variable costs

B. Total revenue

C. Explicit costs

D. Implicit costs

E. Fixed costs

Result time

RESULT TIME

Option : D

Option : B

Option : C

SUBJECT

SUBJECTS

Reading

Writing

Social Studies

Science

Math

EXPECTATIONS

HOMEWORK

HOMEWORK & CLASS BEHAVIOR

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