What does the term "loss" refer to in property accountability?

"Loss" in the context of property accountability refers specifically to unauthorized loss or damage of property. This definition is crucial because it encompasses situations where equipment or materials are lost or damaged without proper authorization or oversight, which can lead to significant accountability issues within an organization. Such unauthorized losses are often subject to investigation and can result in penalties or corrective measures to ensure compliance with property accountability policies.

In contrast, regular wear and tear on equipment is considered a normal phase of the item's lifecycle and does not fall under the definition of "loss." Items that are obsolete are simply out of date or no longer useful but are not necessarily categorized as lost or damaged. Similarly, property that is eventually sold is part of a planned management decision rather than an unexpected loss or damage situation. Each of these alternatives does not capture the essence of "loss" as it pertains to the responsibility and oversight expected in property accountability.