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What are costs that are actually paid out in money?

What are costs that are actually paid out in money?

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Explicit costs are the costs that require an outlay of money by the firm. It refers to the payments the company is required to make for inputs to non-owners of the company with a goal to attract them away from other employment, for instance, wages and salaries to its employees. It is important to determine explicit cost because it helps the business in computation of profit as well as it fulfils purposes like cost control, decision-making, reporting, etc

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