The correct answer is: Work in Progress.
Work in progress is a term used in accounting to describe the value of work that has been started but not yet completed. It is typically calculated by adding the value of the materials and labor that have been used to the work in progress, and then subtracting the value of the work that has been completed.
Work in progress is an important concept in accounting because it helps to track the progress of a project and to estimate the costs that will be incurred in completing the project. It is also used to calculate the value of inventory, which is the value of the goods that a company has on hand that are not yet sold.
The other options are incorrect because they do not accurately describe the value of work that has been started but not yet completed.
- Work in process is a term used in manufacturing to describe the value of goods that are in the process of being produced. It is typically calculated by adding the value of the materials and labor that have been used to the work in process, and then subtracting the value of the goods that have been completed.
- Work completed is a term used in accounting to describe the value of work that has been finished and accepted by the customer. It is typically calculated by adding the value of the materials and labor that have been used to the work completed, and then subtracting the value of the work in progress.
- Work done is a term that is used informally to describe the value of work that has been completed. It is not a technical term and is not used in accounting.