Assignment Flashcards
1
Q
What is work-in-progress?
A
Products that have been started but not finished (partly finished products).
2
Q
What are royalties?
A
A royalty is a fee paid for the right to use an original idea or an asset which has been given a patent or copyright.
3
Q
What are raw materials?
A
These are the materials needed to actually make the product such as flour in bread and cloth in a shirt.
4
Q
What are finished goods?
A
Products that have finished being produced but haven’t been sold to customers yet.
