Government-Wide Financial Statements Include a

question 8

Multiple Choice

Government-wide financial statements include a

• A)balance sheet,an income statement,and a statement of cash flows.
• B)statement of net assets,a statement of activities,and a statement of cash flows.
• C)statement of net position and a statement of activities.
• D)statement of activities and a statement of cash flows.

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Definitions:

Activity-Based Costing

An accounting method that assigns costs to products or services based on the activities and resources that go into producing them.

Direct Materials Cost

The cost of raw materials and components that are directly traceable to the production of goods.

Direct Labor Cost

The cost associated with the labor of employees directly involved in the production of goods or services.

Direct Labor-Hours

A measure of the time spent by workers directly creating a product, which is used to allocate labor costs properly.