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Compare economic cost and accounting cost.
The major differences between economic cost and accounting cost are as follows −
Economic cost
It has monetary value of all resources.
It refers to opportunity cost.
It focuses more on implicit cost.
It is relevant for decision making.
It is forward looking.
It is not objectively verified.
It estimates the cost of alternatives sacrificed.
Accounting cost
It is based on explicit costs.
It is present in the financial statements.
It is backward looking.
It is objectively verifiable.
It tells about financial position of a firm.
It is used to make tax payments.
Updated on: 25-Jul-2020
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