Define: Work-In-Progress

UK Accounting Glossary

Definition: Work-In-Progress


Quick Summary of Work-In-Progress


Cost of partly completed goods or services, intended for completion and recorded as an asset.



What is the dictionary definition of Work-In-Progress?

Dictionary Definition


Work In Progress (WIP) is the balance of partly finished work remaining within a manufacturing operation or a long-term contract at a given time.

It’s normally valued at the lower of cost or net realisable value, using either the average cost of valuation, the first-in-first-out cost or the last-in-first-out cost.

In the US, the term work in process is more commonly used.


Advertisement



Examples of Work-In-Progress in a sentence


Forget work in progress, because work is always in progress.
The purchaser is able to deduct before tax the acquisition cost of trading stock and work in progress.
By implementing the control of materials from purchased parts through work in progress to finished goods, manufacturers can reduce the amount of money tied up in materials.


Synonyms For Work-In-Progress


on-going work, work underway, current work, work under way, work currently under way, WIP

Work-In-Progress FAQ's



Cite Term


To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.

Page URL
https://payrollheaven.com/define/work-in-progress/
Modern Language Association (MLA):
Work-In-Progress. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. January 22, 2020 https://payrollheaven.com/define/work-in-progress/.
Chicago Manual of Style (CMS):
Work-In-Progress. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/work-in-progress/ (accessed: January 22, 2020).
American Psychological Association (APA):
Work-In-Progress. PayrollHeaven.com. Retrieved January 22, 2020, from PayrollHeaven.com website: https://payrollheaven.com/define/work-in-progress/

Definition Sources


Definitions for Work-In-Progress are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • BusinessDictionary.com
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 23rd December 2018.