Final answer:
Opportunity costs are implicit costs important for decision-making, like the make/buy decision, and they do not entail cash disbursements, receipts, or formal record-keeping in financial accounting.
Step-by-step explanation:
When evaluating the options concerning opportunity costs, it's important to understand that they are not typically recorded in formal financial accounting reports nor do they require accounting journal entries. Instead, opportunity costs represent the cost of choosing one option over another and are reflected in the potential earnings or benefits that could have been realized had a different decision been made. Therefore, they are important considerations in decision-making scenarios such as the make/buy decision, which is about deciding whether to produce goods in-house or outsource them.
Opportunity costs are considered implicit costs because they reflect the potential benefits foregone by not choosing the next-best alternative. They are not directly recorded as out-of-pocket costs or cash disbursements; rather, they are conceptual costs that can impact strategic business decisions.