Examlex
Tests of details of balances focus on testing the year-end balances of balance sheet accounts.
Raw Materials Account
An account used to track the costs of raw materials that are purchased but not yet used in production.
Finished Goods Inventory
The stock of completed products that are ready to be sold but have not yet been purchased or distributed to customers.
Work in Process
Refers to the goods that are in various stages of production within a manufacturing process but have not yet been completed.
Finished Goods
Units of product that have been completed but not yet sold to customers.
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