The attorney would actually incur a loss of 15000 by opening their own private law practice. Accounting profit is revenue minus explicit costs whilst economic profit is revenue minus explicit AND implicit costs. Accounting Profit Vs Economic Profit All You Need To Know Accounting And Finance Accounting Classes Financial Management John is giving up. . It represents an opportunity cost that arises when a company. The issue of explicit costs versus implicit costs is tied to two other concepts accounting profit and economic profit. Explicit costs are contrasted with implicit costs. To find your total explicit costs add together all of your expenses. However the company endures both the cost and conducts decisions considering both costs. Two Types of Profit Accounting and Economic. Answer 1 of 5. The implicit cost of a company is the opportunity cost of the company using the existing resources they own. Explic