A company may incur loss of material during handling, storage or process. Which of the following is not a form of loss of material? 

Loss of materials during handling, storage, process may occur any of the following forms: • Waste: The portion of raw material which is lost during storage or production and discarded. The waste may or may not have any value. • Scrap: The materials which are discarded and disposed-off without further treatment. Generally, scrap has either no value or insignificant value. Sometimes, it may be reintroduced into the process as raw material. • Spoilage: It is the term used for materials which are badly damaged in manufacturing operations, and they cannot be rectified economically and hence taken out of the process to be disposed off in some manner without further processing. • Defectives: It signifies those units or portions of production which do not meet the quality standards. Defectives arise due to sub-standard materials, bad- supervision, bad-planning, poor workmanship, inadequate-equipment and careless inspection. • Obsolescence: Obsolescence is defined as “the loss in the intrinsic value of an asset due to its supersession”. In simple words, obsolescence refers to the loss in the value of an asset due to technological advancements.