Define: Waste

UK Accounting Glossary

Definition: Waste

Quick Summary

What is the dictionary definition of Waste?

Dictionary Definition

  1. (Spoilage) The volume of material lost during a production process. Acceptable levels of waste, (which are known as normal losses), as part of the cost of production, as such they are allowed for in the production process.
  2. Refers to any process (or activity) that doesn’t add value.

Full Definition

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