The compensation earned by employees who are paid on an hourly basis. It is common for production workers to earn wages, since they are usually paid via an hourly rate.
A promise to repair, replace, refund, etc. a product during a ecified period. The company making the promise has a contingent liability and a warranty expense that should be recorded at the time the product is sold.
Weighted-average inventory costing method :
Using the average cost of beginning inventory plus merchandise purchased during a fiscal period to calculate the cost of merchandise sold
Wholesale merchandising business :
A business that buys and resells merchandise to retail merchandising businesses
Assets taken out of a business for the owner’s personal use
Withholding allowance :
A deduction from total earnings for each person legally supported by a taxpayer, including the employee
Work in process :
Products that are being manufactured but are not yet complete
Work sheet :
A columnar accounting form used to summarize the general ledger information needed to prepare financial statements
Working capital :
The amount of total current assets less total current liabilities
Writing off an account :
Canceling the balance of a customer account because the customer does not pay.
The partial reduction in the value of an asset, recognizing obsolescence or other losses in value.
The total reduction in the value of an asset, recognizing that it no longer has any value. Write‐downs and write‐offs are non‐cash expenses that affect profits.