What does material loss mean?
Material Loss means any damage, loss or destruction to any portion of the Real Property, the loss of which is equal to or greater than Five Hundred Thousand and No/100 Dollars ($500,000.00) (measured by the cost of repair or replacement).
What is an immaterial change?
Immaterial Change means a Proposed Change that is not a Material Change.
What is immaterial investment?
Immaterial Investment means any Investment owned by the Borrower or any Subsidiary consisting of Capital Stock of any Person which, when added to all other Investments held by the Borrower and/or its Subsidiaries consisting of Capital Stock of such Person does not exceed $1,000,000 at any one time outstanding.
What are the types of material losses?
The different types of material losses are discussed below:
- Waste: ADVERTISEMENTS:
- Scrap: Scrap, is the residue from certain manufacturing activities usually having disposable value.
- Spoilage: Spoilage occurs when goods are damaged beyond rectification.
- Obsolete, Slow Moving and Dormant Stocks:
How is material loss treated in accounting?
The treatment is based on the principle that normal losses should be borne by good output. Abnormal wastage of material arising due to abnormal reasons, i.e. theft, fire, careless handling, etc., is not added to the cost of production but is transferred to costing profit and loss account.
What is considered immaterial?
If users would not have altered their actions, then the omission or misstatement is said to be immaterial. The materiality concept is used frequently in accounting, especially in the following instances: Application of accounting standards.
What are some examples of immaterial?
Things that are immaterial have no physical form (like a ghost) or are unimportant (like most ghost stories). Something that’s material has substance, right? You can touch it or it’s important.
What are immaterial items?
What are the different types of material losses explain them and also explain their treatment in cost accounting?
Material losses could arise in the form of waste, scrape, spoilage and defectives. Waste: It comprise of all visible, invisible losses that can not be collected and also unsalable portion of the collected loss. Examples of waste are dust, smoke, gases etc. Scrap: It represents the unusable loss which can be sold.
What is normal material loss in cost accounting?
Normal Losses: Losses which are unavoidable are called Normal losses. Normal losses of material can not be completely avoided but may be controlled to a limited extent . These losses are transferred to factory overheads .
What does immaterial mean in law?
1) In court, a commonly heard objection to introducing evidence in a trial on the ground that it had nothing substantial to do with any issue in the case. 2) In a lawsuit, a matter that has no bearing on the issues in dispute.
What does immaterial mean in accounting?
If it is probable that users of the financial statements would have altered their actions if the information had not been omitted or misstated, then the item is considered to be material. If users would not have altered their actions, then the omission or misstatement is said to be immaterial.
Whats the definition of immaterial?
Definition of immaterial 1 : of no substantial consequence : unimportant. 2 : not consisting of matter : incorporeal. Synonyms & Antonyms Example Sentences Learn More About immaterial.
What are immaterial in accounting?
Immaterial in accounting is a concept that addresses information that is neither relevant nor useful.
How do you classify material losses?
Classifications of Losses of Material in an Organization are(i) wastage, (ii) spoilage, (iii) scrap and (iv) defectives.
What are different types of material losses?
What does immateriality mean?
1 : of no substantial consequence : unimportant. 2 : not consisting of matter : incorporeal.