work in process
Definition 1
Contracting: Partly completed jobs valued at total cost up to the stated period and including, in case of long-term contracts, a percentage of the profit.
Definition 2
Manufacturing: Partially completed goods, parts, or subassemblies that are no longer part of the raw materials inventory and not yet part of the finished products inventory. Work in process inventory forms a part of the working or current assets of a firm and is valued usually at lower of cost and realizable value. Also called work in progress.
Mentioned in these definitions
Popular 'Accounting & Auditing' Terms
work in process in the news
Loading...
This content can be found on the following page:
http://www.businessdictionary.com/definition/work-in-process.html
