SCRAP Definition

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SCRAP is material that is discarded as worthless or sold to be reused as parts; junk; a small unusable amount of something that is left over after the rest has been used or consumed.

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OFF-PEAK is not in the period of most frequent or heaviest use: lower rates for telephone calls made during off-peak hours; travelers who take advantage of off-peak fares. See PEAK.

SIGNIFICANT DEFICIENCY, in finance, is an internal control shortcoming in a highly important control area or an aggregation of such deficiencies that could result in a misstatement of the financial statements that is more than inconsequential.

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