How Does Work in Progress Effect the Balance Sheet?

submit to reddit

Submit Your Tip

How Does Work in Progress Effect the Balance Sheet? – This is a place for the community to provide tips and advice on How Does Work in Progress Effect the Balance Sheet?. This topic was created by Inpact Sidious and the tips are provided by the community. The tips you add here can be your own or referred from another site. The best tips are then ranked at the top when up-voted by members of the community.

Votes

Tips

1
- Vote
Tip 1
How Does Work in Progress Affect the Balance Sheet? More
Published: 9 years, 6 month(s) ago by Jesse Needleman | permalink
Vote
For a manufacturing company, work in progress is created when items are part-way through the production process. WIP usually consists of three elements -- raw materials, direct labor and applied ...

For further reading: http://smallbusiness.chron.com/work-progress-affect-balance-sheet-68470.html ^[1]

1
- Vote
Tip 2
How Does Work in Progress Effect the Balance Sheet? | eHow More
Published: 9 years, 6 month(s) ago by Robert Karlson | permalink
Vote
Work-in-Progress is an inventory item found in most manufacturers' financial reporting. It is an important piece of the manufacturing process because cost overruns will usually occur in this stage of production. Work-in-Progress is also found in other industries or professions, but not as an inventory item.Resources for reporting Work-in-Progress...

For further reading: http://www.ehow.com/about_5104021_work-progress-effect-balance-sheet.html ^[2]

1
- Vote
Tip 3
Work In Progress (WIP) Definition | Investopedia More
Published: 9 years, 6 month(s) ago by scott menchin | permalink
Vote
Material that has entered the production process but is not yet a finished product. Work in progress (WIP) therefore refers to all materials and partly finished products that are at various stages of the production process. WIP excludes inventory of raw materials at the start of the production cycle and finished products inventory at the end of the production cycle.
Tags: work in progress - wip,accounting,financial theory,fundamental analysis,balance sheet,financial statements,dictionary,glossary,education,investment,tutorials,investing,invest,investor,stocks,quotes,analysis,beginner,finance,financial,market,news,401k,ira,personal,definitions,terms,mutual funds,ipo,options,nasdaq,trader,trading

For further reading: http://www.investopedia.com/terms/w/workinprogress.asp ^[3]

1
- Vote
Tip 4
What is Construction Work-in-Progress? | AccountingCoach More
Published: 9 years, 6 month(s) ago by cb 2250 | permalink
Vote
What is Construction Work-in-Progress?

For further reading: http://www.accountingcoach.com/blog/construction-work-in-progress-2 ^[4]

1
- Vote
Tip 5
Work in Progress • The Strategic CFO More
Published: 9 years, 6 month(s) ago by Alicia chambers | permalink
Vote
In accounting, a work in progress (WIP) account is an inventory account that includes goods that are in the process of being produced but are not yet finished.
For further reading: http://strategiccfo.com/wikicfo/work-in-progress/ ^[5]

About Author

More by Inpact Sidious

No more topics...

About This Topic

Category: Fun | 9 years, 6 month(s) ago

23.2k+ Reads

5 Tips

5 Votes

3 Likes

1 Saved

Contributors

scott menchin, Jesse Needleman, Robert Karlson, cb 2250, Alicia chambers

References & Citations

1. http://smallbusiness.chron.com/work-progress-affect-balance-sheet-68470.html

2. http://www.ehow.com/about_5104021_work-progress-effect-balance-sheet.html

3. http://www.investopedia.com/terms/w/workinprogress.asp

4. http://www.accountingcoach.com/blog/construction-work-in-progress-2

5. http://strategiccfo.com/wikicfo/work-in-progress/