It is quite likely that at the end of the year there may be certain good which are still in the process of manufacture. In other words, some work still remains to be completed in respect of these goods. Take the case of a furniture manufacturer. He may have some chairs and tables which are still to be polished. Such goods in respect of which the work is incomplete as at the end of the year are called 'semi-finished goods' or 'work-in-progress‘.