As a general rule,when accountants calculate profit they account for explicit costs.What do they usually ignore

Question

Quizplus · Accepted Answer

Accountants usually ignore implicit costs when calculating profits. Explicit costs are the outlays of money by the firm that are recorded in accounting books, while implicit costs include the opportunity cost of resources used in production, such as the salary foregone by the owner who works in the business instead of elsewhere.

As a General Rule,when Accountants Calculate Profit They Account for Explicit