From the Manager's Perspective

question 32

Multiple Choice

From the manager's perspective:

• A)it is important to treat implicit costs as explicit in order to make sound strategic decisions.
• B)implicit costs are simply a theoretical construct and should be ignored in the decision-making process.
• C)only explicit costs matter because accounting profit is based on explicit costs.
• D)there is no difference between implicit and explicit costs. As such, treating implicit costs as explicit would result in double counting and an overstatement of total costs.

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Definitions:

Myringoplasty

A surgical procedure to repair a perforation in the eardrum to improve hearing and prevent water from entering the middle ear.

Labyrinth

A complex structure in the inner ear that contains the organs of hearing and balance, composed of the cochlea, vestibule, and semicircular canals.

Otitis

Inflammation or infection of the ear.

Tympanic

Relating to the tympanum or eardrum, part of the middle ear involved in hearing.