Work-in-Process Inventory Account: Definition & Example


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question 1 of 3

Which of the following terms refers to goods that a company has begun producing but has yet to finish?

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1. Which of the following terms refers to the account that is used to track the value of a company's partially finished goods?

2. Which of the following is NOT included in the work-in-process inventory account?

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About This Quiz & Worksheet

The questions on these assessments focus on the function and use of work-in-process inventory accounts.

Quiz & Worksheet Goals

Assessments test knowledge of:

  • The term that refers to goods currently in production
  • What follows the completion of the work-in-process
  • Components in the work-in-process inventory account

Skills Practiced

  • Knowledge application - use your knowledge to answer a question about work-in-process when it's ready to sell
  • Reading comprehension - ensure that you draw the most important information from the lesson on the work-in-process inventory account
  • Information recall - access the knowledge you've gained regarding the term for an account used to keep up with the value of incomplete goods

Additional Learning

Work-in-Process Inventory Account: Definition & Example is a lesson that will teach you about this kind of account. The objectives covered include:

  • Know the function of a work-in-process inventory account
  • Review an example of a WIP inventory account
  • Understand what a job cost sheet is