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Explicit vs Implicit cost
Segregate the given cost according to nature:
Implicit cost
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
Implicit cost:
Explicit cost:
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
Option : D
Option : B
Option : C