What term describes a cost that is assignable or chargeable to one or more cost objectives based on benefits received?

The term that describes a cost assignable or chargeable to one or more cost objectives based on benefits received is "allocable." Allocability is a fundamental principle in cost accounting, where costs must be linked to specific objectives, such as projects or contracts, to ensure that resources are properly tracked and managed. When a cost is allocable, it implies that it can be justifiably distributed to various activities where it can be directly tied to benefits received. This is crucial for budgeting, financial reporting, and compliance with regulations concerning the proper use of funds.

In contrast, while "direct" costs are costs that can be easily traced to a specific product or service, allocable costs may not necessarily be direct but can still be charged based on the benefits received. "Indirect" costs refer to expenses that are not easily attributable to a single cost objective and are generally shared across multiple objectives, making them less relevant to the definition of allocable costs. "Allowable" costs refer to those expenses that are authorized under specific regulations or guidelines, but being allowable does not inherently mean that a cost is assignable to specific objectives in the way that allocable costs are. Therefore, allocable is the most precise term for the definition provided in the question.