GASB Statement No

question 45

True/False

GASB Statement No.34 calls for financial statements integrated with government-wide reporting and enhanced fund reporting.

---

Definitions:

Direct Materials Cost

Direct materials cost refers to the expenditure associated with the raw materials used directly in manufacturing a product.

Direct Materials

Materials that are directly used in the manufacture of end products.

Direct Labor

Wages paid to employees who are directly involved in the production of goods or services.

Factory Overhead

All indirect costs associated with manufacturing, excluding direct labor and direct materials.