Difference Between Waste and Scrap
Waste and scrap are not the same. They differ from each other. The main difference between the two are –
1. Waste occurs in almost every manufacturing industry, where as, scrap occurs in only certain types of industries.
2. Waste arises due to loading and unloading careless handling breaking the bulk evaporation, leakage, etc. On the other hand scrap arises due to certain manufacturing operations such as, turning, shaving, molding etc.
3. Waste arises due to inherent nature of the material. But scrap arises due to inherent nature of the manufacturing process.
4. Waste may be visible or invisible, whereas scrap is always visible.
5. Waste can not be reused in any other process, whether it is visible or invisible. But scrap can be reused in some other process.
6. Waste does not have realizable value, whereas scrap has realizable value.
- Difference between Cost Accounting and Management Accounting
- What is Cost Concepts and Different Terms of Costs
- What is concept of Cost Audit | Objective and Scope of Cost Audit
- Advantages and Disadvantages of Cost Audit
- Meaning of Methods of Cost | Basic Methods of Costing
- What is meaning of Classification of Cost & elements of Cost | rules of Cost Accounting Standard
- What is Installation of a Costing System | Conditions and Factors
- What are the practical difficulties in installing cost accounting
- What is technique of Costing | Various techniques of Costing
- What is Material or Inventory Control | Techniques of Materials Control
- What is FIFO Method | advantages and disadvantages
- What is LIFO method | Advantages and Disadvantages
- What is Periodical or Annual Inventory Control System | Limitations
- Methods of Pricing Material Issues | Cost Methods
- What is Cost of Labour Turnover | Causes, Effects Classification
- What is meant by idle time | Definition, Causes, Control
- What is meaning of overtime work | Reason, Disadvantages
- HIFO method of inventory valuation |Advantages, Disadvantages
- What is two Bin System | Meaning of Bin Card and Specimen
- What is Meaning of NIFO Method | Advantages, Disadvantages
- What is Market Price Method or Replacement Price Method | Advantages, Disadvantages
- What is average cost method of Inventory valuation | Advantages and Disadvantages
- What is Meaning of Weighted Average Price Method | Advantages and Disadvantages
- Meaning of Material Losses | Types and Treatment
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