Discarded material substances having no value is called ________.
A. waste
B. scrap
C. defectives
D. spoilage
Answer: Option A
Solution(By Examveda Team)
Discarded material substances having no value is called waste. Waste is defined as discarded material which has no value in normal use or for ordinary use.Join The Discussion
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Related Questions on Costing
Basic objective of cost accounting is ________
A. tax compliance.
B. financial audit.
C. cost ascertainment.
D. profit analysis.
Process costing is suitable for ________.
A. hospitals
B. oil refing firms
C. transport firms
D. brick laying firms
The cost which is to be incurred even when a business unit is closed is a _____.
A. imputed cost
B. historical cost
C. sunk cost
D. shutdown cost
Waste: This is a loss connected with raw material or inputs to the production process
Scrap: This is a loss connected with the output. Most of the time at the end of production
Spoil: This is also a loss connected with the output. In the production process if the output is produced which is not up to the quality standard due to any problem and now the product cannot be brought back in a good state even after further processing
Defect: This is another type of loss connected to the output but it can be in the input as well. This is close to waste but with the difference that it is such output which does not qualify all the quality standards due to some problem but that problem CAN be fixed by further processing or reprocessing