accounting the value of work begun but not completed, as shown in a profit-and-loss account
Collins English Dictionary - Complete & Unabridged 2012 Digital Edition © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012
Examples from the Web for work-in-progress
On the first night of previews, a work-in-progress feel is to be expected.
This is a work-in-progress; it didn't come out just as I wanted.
It won 2008's J. Anthony Lukas Work-in-Progress Award and the Ernesta Drinker Ballard Book Prize.