VERIFIABILITY is where the fact is capable of being tested (verified or falsified) by experiment or observation.
TRACEABILITY, COST is where businesses rely on linking or tracing costs to outputs; managerial or cost accounting provides managers this information. Management accountants strive to establish causal relationships between costs and cost objects to determine why costs were incurred. The process of tracing costs to cost objects forges a necessary link so that ultimately costs can be traced to outputs, even if at an aggregated level to their main categories: Direct Costs, Indirect Costs, and General and Administrative Costs.
CURRENT COST is the cost which would be incurred for replacement of an asset.
Enter a term, then click the entry you would like to view.