WIP is an acronym for Work in Process/Progress. Usually refers to inventory that has value added from labor or additional processing. When considered for inventory value, the value of the raw material plus the value added component is accounted for in determining the value of that inventory at that point in the process.
CONTRACTEE is the person or entity who will receive the goods or services under the provisions of the contract.
DAIRY QUEEN ACCOUNTING is a figure of speech from the steel industry meaning that some people dont know if they are doing accounting for Dairy Queen or a steel mill.
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