ECONOMICS

Detailed explanation-1: -Scrap is defined as the incidental residue from certain types of manufacture usually of small amount and low value recoverable without further processing. Example of scrap are available in operations like turning, boring, punching, shaving, moulding, etc.

Detailed explanation-2: -Solution(By Examveda Team) Scrap is residue of material. It is incidental residue from the materials used in manufacturing operations which is recoverable and measurable without processing.

Detailed explanation-3: -It is the value of dismantled material.

Detailed explanation-4: -Scrap value is also known as residual value, salvage value, or break-up value. Scrap value is the estimated cost that a fixed asset can be sold for after factoring in full depreciation.

Detailed explanation-5: -Scrap consists of recyclable materials, usually metals, left over from product manufacturing and consumption, such as parts of vehicles, building supplies, and surplus materials. Unlike waste, scrap has monetary value, especially recovered metals, and non-metallic materials are also recovered for recycling.