The rules of accounting generally require that ________ be included in a firm's financial records.

Name: The rules of accounting generally require that ________ be included in a firm's financial records.
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Explicit costs are the only costs directly recorded in financial accounting, as they represent clear, out-of-pocket expenses for a company, such as wages, rent, and materials. Implicit costs, being indirect or opportunity costs, are not recorded in financial statements.

The Rules of Accounting Generally Require That ________ Be Included