WIP
Business & Finance abbreviation · Accounting
| Stands for | Work in progress |
|---|---|
| Categories | Business & Finance |
WIP stands for Work in progress, an accounting abbreviation also used in technology, texting, general use and entertainment.
Partly finished goods in a manufacturing process, recorded as inventory and valued at the materials, labor and overhead costs incurred so far. In service firms and construction, WIP means unbilled work on client projects.
Example: WIP rose because 300 machines are waiting for a delayed control board before final assembly.
Usage notes
Also called work in process, especially in US manufacturing. Professional services firms such as law and accounting practices track WIP as hours worked but not yet billed, and "WIP write-offs" reduce revenue. In project management and office chat, WIP simply flags something unfinished.
Related abbreviations
More accounting abbreviations
- ABC – Activity-based costing
- AFS – Available for sale
- AICPA – American Institute of Certified Public Accountants
- AJE – Adjusting journal entry
- AOCI – Accumulated other comprehensive income
- AP – Accounts payable
- AR – Accounts receivable
- ASC – Accounting Standards Codification
- ASU – Accounting Standards Update
- B/S – Balance sheet
- BEP – Break-even point
- BV – Book value