Wage
Compensation for services rendered usually on an hourly basis and from which taxes are withheld.
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Withholding
An amount deducted by an employer from an employee's gross wage earnings as mandated by federal and state taxing authorities.
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Work in process inventory
The second stage of manufacturing whereby raw materials are being processed but are not completed yet.
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Work papers
An accountant's documents that support the summary balances of the general ledger. Or, practice papers containing transactions that accounting students must work through in order to learn how to analyze and post.
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Working capital
The difference between current assets and current liabilities. One of the ways used to measure the liquidity of a business entity.
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