Work in process

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CA Bharat kumar (Querist)

02 July 2012 Is there any term called 'Work in Process' in our Chartered Accountant syllabus?
If it exists what was the difference between work in progress and work in process?

Amol S Joglekar

Amol S Joglekar (Expert)

02 July 2012 Both the terms are used as synonym. WIP is the common abbrevation used.

CA Bharat kumar

CA Bharat kumar (Querist)

02 July 2012 In an interview one of director of a company asked me this question and argued with me that both are different, Work in progress is used for other than current assets and work in process is used for inventory and at last he judged that i don't know even basic concepts bcoz i a said confidently that both are same

CA Bharat kumar

CA Bharat kumar (Querist)

02 July 2012 Thanks for the immediate reply, if this continues like this most of the people will loose confidence on themselves and will effect their career

Amol S Joglekar

Amol S Joglekar (Expert)

03 July 2012 The director necessarily falls in either non commerce category OR BIG4 category. Good that you did not loose your confidence. Normally engineering backgound people call it as PROCESS while, commerce background people refer to it as PROGRESS.

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