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Work-in-progress

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Definition of Work-in-progress

Work-in-progress Image 1

Work-in-progress

Goods or services that have commenced the production process but are incomplete and unable to be sold.



Related Terms:

Contract Work Hours and Safety Standards Act

A federal Act requiring federal contractors to pay overtime for hours worked exceeding 40 per week.


Discouraged Worker

An unemployed person who gives up looking for work and so is no longer counted as in the labor force.


economically reworked

when the incremental revenue from the sale of reworked defective units is greater than
the incremental cost of the rework


Make-Work Project

A project, such as digging holes and filling them up again, that has no useful purpose other than to make work.


Net working capital

Current assets minus current liabilities. Often simply referred to as working capital.



net working capital

Current assets minus current liabilities.


network organization

a flexible organization structure that
establishes a working relationship among multiple entities,
usually to pursue a single function


Work-in-progress Image 2

Personal Responsibility and Work Opportunity Reconciliation Act

A federal Act requiring the reporting of new hires into a national database.


Progress Payments

Periodic payments to a supplier, contractor or subcontractor for work satisfactorily performed to date.


Progress review

A periodic review of a capital investment project to evaluate its continued economic viability.


Progressive Tax

A tax in which the rich pay a larger percentage of income than the poor. Contrast with regressive tax.


Progressive tax system

A tax system wherein the average tax rate increases for some increases in income but
never decreases with an increase in income.


Rework

Refers to a product that does not meet a company’s minimum quality standards,
but which is then repaired in order to meet those standards.


Rework

The refurbishment of a faulty part.


Work-in-process

Any items being converted into finished goods or released from
the warehouse in anticipation of beginning the conversion process.


Work-in-process inventory

Inventory that has been partially converted through the
production process, but for which additional work must be completed before it can
be recorded as finished goods inventory.


Work Week

A fixed period of 168 consecutive hours that recurs on a consistent basis.


Workers' Compensation Benefits

Employer-paid insurance that provides their employees with wage compensation if they are injured on the job.



Working capital

Defined as the difference in current assets and current liabilities (excluding short-term
debt). Current assets may or may not include cash and cash equivalents, depending on the company.


Working capital

Current assets less current liabilities. Money that revolves in the business as part of the process of buying, making and selling goods and services, particularly in relation to debtors, creditors, inventory and bank.


working capital

total current assets minus total current liabilities


Working capital

The amount of a company’s current assets minus its current liabilities;
it is considered to be a prime measure of its level of liquidity.


Working Capital

Current assets minus current liabilities


Working Capital

Funds invested in a company's cash, accounts receivable and inventory. Net working capital is current assets minus current liabilities.


Working Capital Cash

The cash component of working capital.


Working capital management

The management of current assets and current liabilities to maximize shortterm liquidity.


Working capital ratio

working capital expressed as a percentage of sales.


Workout

Informal arrangement between a borrower and creditors.



workout

Agreement between a company and its creditors establishing the steps the company must take to avoid bankruptcy.


Workout period

Realignment period of a temporary misaligned yield relationship that sometimes occurs in
fixed income markets.


Inventory

Goods bought or manufactured for resale but as yet unsold, comprising raw materials, work-in-progress and finished goods.



 

 

 

 

 

 

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