Explicit Costs

question 46

Multiple Choice

Explicit costs

• A)require an outlay of money by the firm.
• B)include all of the firm's opportunity costs.
• C)include the value of the business owner's time.
• D)Both b and c are correct.

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Definitions:

Detailed

Characterized by a presentation of in-depth information and specifics.

Management Accountants

Professionals who provide financial data and analysis to managers within organizations to aid in business decision-making.

Budget Planning

Budget planning involves creating a detailed plan that maps out a company's financial expectations and how resources will be allocated.

Reports

Written documents that summarize financial data and business activities, used to communicate information to stakeholders.