Production Waste

Scrap
Scrap refers to the remaining residual value of an asset at the end of its useful life, which can sometimes be recovered for a minimal monetary return, often referred to as salvage value. Additionally, scrap can arise from waste materials during a production process.

Accounting Terms Lexicon

Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.