Question

Accounting profit is equal to total revenue minus a. implicit costs. b. variable costs. c. marginal costs. d. the sum of implicit and explicit costs. e. explicit costs.

Answer 1

In accounting, Accounting profit equals the "total revenue" minus "explicit cost".

Basically, profit refers to an amount gained on transaction.

In accounting, profit refers to a financial profit gained or net income earned after the deduction of all incurring costs from total revenue.

Here, the incurred cost is what is called Explicit Cost. The explicit cost are the direct payment made to facilitate smooth running of the business and includes wage, rent, materials, raw materials etc

In conclusion, In accounting, the accounting profit equals the "total revenue" minus "explicit cost".

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