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Identify compliance costs, both economic and accounting that deal with emergency services.

Identify compliance costs, both economic and accounting that deal with emergency services.

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Answer #1

Compliance cost means all the expenses that a firm incurs in order to adhere to industry regulations. Emergency services may include ambulance service, the police, and the fire brigade.

Accounting costs are costs that are actually incurred and can be written in the books of accounts.

Economic costs include accounting costs along with implicit costs (opportunity costs).

Accounting costs: Salaries of people, vehicle costs, telephone line costs, equipment costs etc.

Implicit costs: If this is a govt. paid emergency service then- The same money could have been spent on other welfare schemes.

If it is a private service then: Income foregone from other business. Office rents that could have been earned after renting. Owners salary that he/she could have earned by taking job elsewhere.

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