One Difference Between Implicit Costs and Explicit Costs Is That

question 9

Multiple Choice

One difference between implicit costs and explicit costs is that

• A) implicit costs are included in accounting profits,whereas explicit costs are not.
• B) implicit costs are included in economic profits,whereas explicit costs are not.
• C) explicit costs are included in accounting profits,whereas implicit costs are not.
• D) explicit costs are included in economic profits,whereas implicit costs are not.
• E) explicit costs involve opportunity costs,whereas implicit costs involve a monetary transaction.

Understand the protective mechanisms of reflexes in response to stimuli.

Recognize the anatomy and function of spinal nerves and their components.

Understand the concept of reciprocal innervation and its physiological role.

Identify the major nerve plexuses and the areas they innervate.

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Definitions:

Internal Audits

Evaluations conducted internally to assess the effectiveness of a company's operations, controls, and compliance with regulations and policies.

Collusion

An illegal agreement between parties to deceive or defraud others, often involving price-fixing or the manipulation of markets.

Segregation of Duties

A key internal control that aims to reduce the risk of fraud and error by dividing responsibilities among different people or departments.

Employee

An individual who works part-time or full-time for another person or company in exchange for salary or wages.