What is Work in Progress as it pertains to accounting for a service contractor

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