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Differentiate Between Verification and Validation

question 29

Essay

Differentiate between verification and validation. Discuss the most objective and scientific means of validation.


Definitions:

On Hand

Refers to the inventory that is physically present and available for sale or use within a business.

Net Operating Income

The profit generated from a company's regular, core business operations, excluding deductions of interest and taxes.

Variable Costing

An accounting method where only variable costs (costs that change with production levels) are included in product costs, excluding fixed costs.

Net Operating Income

The total profit of a business after operating expenses have been deducted, but before taxes and interest.

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