MEASUREMENT THEORY Definition

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MEASUREMENT THEORY involves the assignment of numerals to objects or events in order to represent certain attributes, or properties, of those objects and events.

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DIRECT EXPENSE is that portion of expense that is directly expended in providing a product or service for sale and is included in the calculation of COST OF GOODS SOLD, e.g. labor and inventory.

SUBSTANTIVE is reality, real rather than apparent, as seen by an unbiased observer and not just the official view of management.

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