The distinction between direct and indirect costs is clearly set forth in Generally Accepted Accounting Principles (GAAP).

Name: The distinction between direct and indirect costs is clearly set forth in Generally Accepted Accounting Principles (GAAP).
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GAAP does not explicitly define or distinguish between direct and indirect costs; these terms are more commonly used in managerial accounting and cost accounting contexts.

The Distinction Between Direct and Indirect Costs Is Clearly Set