The work in progress account of a firm engaged in providing services is made up of what?

Question:

The work in progress account of a firm engaged in providing services is made up of what?

Managerial accounting

Managerial accounting is one of the branches of accounting. It deals with providing accounting information that would be used by internal users such as managers to make important decisions concerning business operations. Cost accounting is considered as a subset of managerial accounting.

Answer and Explanation:

For firms that are engaged in services, the work in progress account comprises:

  • Direct labor. This cost refers to wages for those employees who are...

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Managerial Accounting Functions

from Business Management: Help & Review

Chapter 9 / Lesson 1
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