Work in Process

Work in process is a term used to represent those goods in production system or in an incomplete state. Work in process is usually a term assigned to large projects or complex goods (auto, RV, marine goods manufacturing). It is one line item of the inventory account in the current assets section of the balance sheet.

Bookkeeping – Percentage of Completion Method (Lesson 74)

Percentage of Completion

In project accounting there are two different methods of accounting used. The first is the completed contract method which is explained in more detail in Lesson 75. The second and the focus of this lesson is the percentage of completion method of accounting. This method is an advanced skill for accountants and requires knowledge of its proper application along with a new type of control account called work in process or work in progress.

EBITDA – Buyer Beware (Case Study)


This article will illustrate the opposite effect using the same business information. A buyer of a business should be leery of financial information and look for improper accounting processes. The goal is to reduce the operational income and ultimately the value of the business. The goal is to get the business valuation to a realistic number.

Project Reports – Introduction

Project Reports

There are basically three groups of financial based project reports. Each set has its own priorities and purposes. Project reports are a function of production reporting with the exception of the balance sheet set (commonly used for cash flow purposes). 

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