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What is the difference between Explicit Cost And Implicit Cost? What are the examples of Implicit cost?

Accounting Auditing Cost Accounting Financial Accounting Finance
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Question added by Altaf Bhoon ACA , Assistant Finance Manager , Atlantic Maritime Group FZE
Date Posted: 2014/11/20
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Satish Koottala
by Satish Koottala , Accountant , City Diamond Contracting LLC

Implicit cost - Cost that has occurred but it is not initially shown or reported as a separate cost.

Explicit Cost- Cost that has occurred and is details are reported as a separate cost.

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