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Ksju [112]
3 years ago
11

Going to college is an expensive proposition. Determine whether the following costs of attending college are implicit or explici

t. Time spent away from family: 1. Transportation: 2. Forfeited working experience: 3. Books and materials: 4. Forgone earnings:
Business
1 answer:
ad-work [718]3 years ago
8 0

Answer:

1. Time spent away from family is an implicit cost.

2. Transportation is an explicit cost

3. Forfeited working experience is an implicit cost

4. Books and materials is an explicit cost

5. Forgone earnings are an implicit cost

Explanation:

A college is an educational institution that provides opportunities for higher learning and specialized professional training. A decision to go to college should be conscious one that takes into consideration all the important aspects. The most important consideration is the cost of education, since attending college is usually an expensive proposition. One needs to consider the different costs that they will meet, whether implicitly or explicitly. Lets us consider the following implicit and explicit costs as shown;

1. Implicit cost: an implicit cost is a cost incurred without necessarily spending money. They are more of an opportunity cost that is calculated from the alternatives undertakings that one has sacrificed. An implicit cost is not an accounting cost but an economical cost that tends to consider options that are not actual expenditures. They are; time spent from family, forfeited working experience and forgone earnings. These are actually items that one sacrifices when he/she decides to go to college. Time spent from family is an implicit cost since one will spend most of his or her time in college. Attending college also means that one wont be able to go for a job and get some working experience while earning, therefor this is also an implicit cost. Explicit cost are determined by estimating the value of the activity sacrificed.

2. Explicit costs: an explicit cost is a type of accounting cost that needs one to actually spend money. It is an out of pocket cost where one has to use money to purchase a good or service. Examples are Books and materials. College students are often required to purchase specific books and materials for study. Transportation is also a cost that requires one to spend on bus fare or even cab fare to and from college. These are costs that require one to actually use money.

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5 0
3 years ago
Bric Autos Inc., a Campora-based automobile company, made a capital investment of $300,000 to set up production units and distri
MrMuchimi

The given investments are best known as Foreign direct investments .

<u>Explanation: </u>

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7 0
3 years ago
A company's Inventory balance at the end of the year was $204,200 and $218,000 at at the beginning of the year. Its Accounts Pay
dalvyx [7]

Answer:

$718,400

Explanation:

For computation of total amount of cash payments first we need to find out the decrease in merchandise, purchases and increases in accounts payable which is shown below:-

Decrease in merchandise = Balance at the beginning of the year - Balance at the end of the year

= $218,000 - $204,200

= $13,800

Purchases = Cost of goods sold - Decrease in merchandise

= $738,000 - $13,800

= $724,200

Increase in Accounts Payable = Accounts Payable balance at the end of the year - Accounts payable at the beginning of the year

= $102,000 - $96,200

= $5,800

Cash paid for merchandise = Purchases - Increase in Accounts Payable

= $724,200 - $5,800

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6 0
3 years ago
Which contingency of power are unions mainly applying by going on strike at a critical time in the company's business cycle
Ksivusya [100]

Answer:

Centrality

Explanation:

By going on strike at a critical time in business cycle the contingency of power is centrality. Centrality is the degree and nature of power of interdependence that exists between between the the person holding power and others. Centrality determines the number of people who are affected by the decisions made by the person holding power.

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3 years ago
Which of the following series uses commas​ correctly?
Serjik [45]
Incorrect. You don’t need a comma after “crocodiles” or before “other”
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