Which of the Following Statements Is True of Scrap

question 145

Multiple Choice

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.

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Definitions:

Think Strategically

The ability to envision, plan, and implement actions considering the long-term objectives and outcomes, essential for successful leadership and management.

Act Democratically

The process of making decisions or taking actions based on the principles of democracy, where all members have an equal say.

Personal Responsibility

The concept of individuals being accountable for their actions and decisions, recognizing the consequences they may bring.

Short-Term Interests

Interests or goals that focus on immediate or near-future benefits rather than long-term outcomes.