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| Term | Definition |
|---|---|
| Weighted-Average-Cost Method | An average-cost method procedure for determining the cost of ending inventory under the periodic inventory system. |
| Wholesale | The sale of goods in large quantities, especially to a person or company that plans to sell them at retail. |
| Wholesaler | A middleman or distributor who sells mainly to retailers, jobbers, other merchants, and industrial, commercial, and institutional users, as distinguished from consumers. |
| With Recourse | Able to collect losses on uncollectible accounts from the seller. |
| Withholding | The amount withheld or deducted from employee salaries by the employer and paid by the employer, for the employee, to the proper authority. |
| Withholding Allowance | Each taxpayer is allowed to claim a withholding allowance, which exempts a certain amount of wages from being subject to withholding. |
| Without Recourse | Obligated to bear losses from uncollectible accounts. |
| Work in Progress | An inventory account consisting of partially completed goods awaiting completion and transfer to finished inventory. |
| Working Capital | The excess of current assets over current liabilities. |
| Working Interest | Direct participation with unlimited liability, as distinguished from passive limited partnership shares. |
| Working Papers | (1) Records kept by the auditor of the procedures applied, the tests performed, the information obtained, and the pertinent conclusions reached in the course of the audit. |
| (2) Any records developed by a certified public accountant (CPA) during an audit. | |
| Worksheet | A type of working paper used as a preliminary step in the preparation of financial statements. |
| Wraparound Mortgage | A second mortgage that conveniently expands the total amount of borrowing by the mortgagor without disturbing the original mortgage. |
| Write Off | Charging an asset account to expense or loss. |