The Distinction between Economist’s and Accountant’s View of Cost

To the accountant, cost is the total amount of money spent to obtain something. If ₦50 is spent to obtain a commodity, for an accountant, the cost of the commodity is ₦50.00. This is what is known as the money cost or the explicit cost which includes expenses on wages, raw materials, and other out payments made by a producer and recorded in the accountant book. This concept of cost is usually presented in money terms