Which of the following statements is true of scrap?
A) When a production process yields two or more products with high total sales values relative to the total sales values of other products, those are called scrap.
B) For accounting purpose, distinction is made between normal and abnormal scrap.
C) Scrap refers to units of production, fully or partially completed, that do not meet the specifications required by customers for good units and are discarded or sold at reduced prices
D) Scrap is either sold or disposed of quickly or it is stored for later sale, disposal, or reuse.

Question

Quizplus · Accepted Answer

The Answer of Which of the following statements is true of scrap?
A) When a production process yields two or more products with high total sales values relative to the total sales values of other products, those are called scrap.
B) For accounting purpose, distinction is made between normal and abnormal scrap.
C) Scrap refers to units of production, fully or partially completed, that do not meet the specifications required by customers for good units and are discarded or sold at reduced prices
D) Scrap is either sold or disposed of quickly or it is stored for later sale, disposal, or reuse.

Which of the Following Statements Is True of Scrap