work in progress
noun

the value of goods being manufactured which are not complete at the end of an accounting period

Abbreviation WIP
Example

Our current assets are made up of stock, goodwill and work in progress.

(Note The US term is work in process.)
Browse by Subjects
accounting bases
WIP
closing stock
circulating capital
See All Related Terms »

basic balance
mini ISA
fully paid up capital
new home sales
budgeted income statement