In accounting for scrap, which of the following statements is true?
A) Normal scrap is accounted for separately from abnormal scrap.
B) In accounting for scrap, there is no distinction between the scrap attributable to a specific job and scrap common to all jobs.
C) Initial entries to scrap accounting records are most often made in dollar terms.
D) Scrap records not only help measure efficiency, but also help keep track of scrap, and so reduce the chances of theft.

Question

Quizplus · Accepted Answer

The Answer of In accounting for scrap, which of the following statements is true?
A) Normal scrap is accounted for separately from abnormal scrap.
B) In accounting for scrap, there is no distinction between the scrap attributable to a specific job and scrap common to all jobs.
C) Initial entries to scrap accounting records are most often made in dollar terms.
D) Scrap records not only help measure efficiency, but also help keep track of scrap, and so reduce the chances of theft.

In Accounting for Scrap, Which of the Following Statements Is