VERIFIABILITY Definition

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VERIFIABILITY is where the fact is capable of being tested (verified or falsified) by experiment or observation.

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VALUE IN USE is the value of an asset in the opinion of the owner.

AUTHORIZATION SCHEDULE is the guideline under which the subject activity is controlled and authorized. For example, expenditure spending may be controlled by amounts and the managerial level required authorizing or approving a preset trigger amount. As the amount increases over certain preset levels, higher managerial authority is required for approval.

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