Work in Progress (WIP)
Work in Progress refers to partially completed goods in a production process. It includes the cost of raw materials, labour, and overhead incurred so far. WIP is recorded as an inventory asset on the balance sheet until the production cycle is complete and goods are sold.
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Withdrawals (Owner’s Drawings)
Withdrawals refer to funds or assets taken out of the business by the owner for personal use. These are recorded…
Working Trial Balance
A working trial balance is an internal report prepared before finalising financial statements. It includes all ledger accounts and adjustments,…
Work Order Accounting
Work order accounting tracks the costs, materials, and labour associated with specific projects or manufacturing jobs. It helps determine actual…
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