SPOILAGE Definition

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SPOILAGE is materials wasted or spoiled in the production process. See also ABNORMAL SPOILAGE and NORMAL SPOILAGE.

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INTERIM STATEMENT is a financial report covering only a portion of a fiscal year (prepared by accountants, but usually unaudited). Quarterly statements from publicly traded companies are one example of an interim statement. Interim statements are not as detailed or as exact as annual statements.

DRAWINGS see PROPRIETORS DRAW.

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