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    alcobill's Avatar
    alcobill Posts: 1, Reputation: 1
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    Oct 7, 2010, 01:07 PM
    What is Work in Progress as it pertains to accounting for a service contractor
    What is Work in Progress as it pertains to accounting for a service contractor
    Htrac7's Avatar
    Htrac7 Posts: 3, Reputation: 1
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    Oct 15, 2010, 11:00 AM
    Meaning of Work in Progress (WIP): Work that has not been completed but has already incurred a capital investment from the company.
    General explanation of Working in Progress (WIP):
    This is usually recorded as an asset on the balance sheet. Work in progress indicates any good that is not considered to be a final product, but must still be accounted for because funds have been invested toward its production
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