Q1: explicit costs and implicit costs concepts Explicit Cost Explicit cost is defined as the direct payment which is supposed to be made to others while running business. This includes the wages‚ rents or materials which are due in the contract. The explicit cost is the expense done in business which can easily be identified and accounted for in the business at any stage. The explicit cost represents the out flows of cash in clear and obvious terms. When any out flow of credit occurs in a business
Premium Economics Costs Microeconomics
product costs are the direct materials‚ and manufacturing overhead that are involved in acquiring or making products. Products costs are assigned to an inventory account on the balance sheet and considered to be assets. When the goods are sold‚ the costs are released from inventory and are recognized as expenses in the income statement. Period costs are all the costs that are not included in product cost‚ such as advertising‚ executive salaries‚ and other nonmanufacturing costs. These costs are expenses
Premium Balance sheet Income statement Expense
Week 6 Assignment HMT 310 Case Study #2 During the past few years‚ the tourism industry has faced a number of unprecedented challenges‚ which have entailed important changes in travel and tourism demand. With business plans becoming increasingly short term‚ governments start to realize that they can ’t leave growth of the travel and tourism industry to chance. This global consciousness has resulted in the establishment of the World Travel and Tourism Council or WTTC to create a new vision for
Premium Tourism
Internet Mental Health Issues By Maria Mota Margaret Rainforth December 4‚ 2012 H & HS Culture HHS 310 Mental health services conducted on the Internet have been described as e-therapy‚ online counseling‚ e -mail therapy‚ Internet-based therapy‚ and similar terminology. Online therapy services may be provided as an adjunct to more traditional forms of mental health treatment‚ or may be initiated
Premium Psychology Psychotherapy Mental health
CHAPTER 22 The Costs of Production Topic Question numbers ___________________________________________________________________________________________________ 1. Costs: explicit and implicit 1-9 2. Profits 10-23 3. Short run versus long run 24-31 4. Law of diminishing returns 32-55 5. Short-run costs 56-157 6. Long-run costs 158-193 Last Word 194-196 True-False 197-210 ___________________________________________________________________________________________________
Premium Costs Variable cost
Simulation: Environmental Nuisance Lawsuit LAWS310 December 14‚ 2011 Factual Summary: Provide a succinct and accurate description of the scenario at hand. Summarize the scenario to include all relevant facts. A neighborhood group called NICE is utilizing the principles of common law-private and public nuisance and trespass- to bring attention to the problem of air‚ ground‚ and water pollution which is occurring on adjoining land to the Northfield Dairy Farm. This farmland is very expansive
Premium Tort Law Property
NETW310 Week 2 Lab Report To complete your Week 2 Lab Report‚ answer the ten questions concerning the procedure involved and the advantage of wiring standards. Create your report using the template starting on page 2 and submit it to the Week 2 Dropbox by the due date.Your Name: NETW310: Professor Turkey Current Date: 12 March 14 Lab #2‚ Terminating Category 5e and Category 6 UTP Cable Lab Report Each answer is worth seven points. Use a red colored font for you answers.
Premium Twisted pair Cable Ethernet
Viral Marketing with Indie Developers: In-Depth on Crowd Funding Seth T. Rollins June 10‚ 2013 Full Sail University‚ Winter Park‚ FL Committee Members: Susan Gold Rupert Megnot Malyn Brown Abstract This paper looks into the world of Viral Marketing through various methods; such as Word of Mouth‚ Guerilla‚ and Stealth Marketing. With a new fast growing path of marketing known as Crowd Funding developers now have a wide array of functions to help with the creation and marketing of games
Premium Marketing Marketing strategy
ETHICAL ISSUES IN MANAGERIAL ACCOUNTING The aim of this paper is to highlight in the light of the empirical researches conducted previously the presence of ethical issues and dilemmas in managerial accounting. The implications of which can be disastrous bringing colossal giants crumbling to their knees. The prime aim is to throw light at the subtle inconsistencies that can cost the companies far more than just money but their entire image. The asset of ‘good will’ has its nemesis in these unethical
Premium Ethics Management accounting Cost accounting
Cost Classifications for Decision-Making. Every decision involves choosing from among at least two alternatives. Only those costs and benefits that differ between alternatives are relevant in making the selection. This concept is explored in greater detail in the chapter on relevant costs. However‚ decision-making contexts crop up from time to time in the text before that chapter‚ so it is a good idea to familiarize students with relevant cost concepts. 1. Differential Costs. A differential cost
Premium Costs