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Wages -
Payments made to the employees of a business for their work on
behalf of the business. These are classed as expense items and must
not be confused with 'drawings' taken by sole-proprietors and
partnerships (see Drawings ).
Walk
– The theory that stock prices behave in an unpredictable fashion
because the stock market is efficient. The market price of a
company's stock goes randomly around real (intrinsic) value.
Wants
- The unlimited desires or wishes that people have for goods
and services.
Warrant - 1. see stock warrant. Or 2. government accounting, order drawn
authorising the payment to a particular designated payee. Or 3. guarantee
of the occurrence of something, such as warranting the
performance of another party.
Warranty
- A guarantee that faulty products will be repaired or
replaced within a period of time.
Waste
- Any material which is no longer of use to the system that
produced it and which has to be disposed of.
Waste management
- The way in which businesses deal with the
problem of waste materials.
Wasting
asset
- 1. a natural resource such as oil, coal, and timber,
having a limited useful life and subject to depletion. Such
assets decrease in worth primarily due to the extraction of
the valued commodity held by these assets. Or 2. a fixed
asset with limited life and subject to depreciation. It
there fore excludes land. Or 3. security whose value
expires at a specified time in the future.
Wealth
- The total assets of a household, firm or government minus
its total liabilities.
Web
browser
– Refers to browsers for the World Wide Web (WWW) enabling
one to hook up with network servers to obtain HTML documents
and Web pages
Web page
– Refers to on-line advertisement or information on the
world wide web encouraging business or getting information.
Weight
– Is the relative importance given to an individual item
included in forecasting.
Weighted average - The average of several items, where each item
is ascribed a weight. according to its importance. The
weights must add up to 1.
Weighted
average costing
– Is the
procedure for computing the unit cost of a process.
Beginning work-in-process inventory costs are added to the
costs of the current period, then a weighted average is
obtained by dividing the combined costs by equivalent units.
Weighted average cost of capital (WACC)
– This method
weights the
percentage cost of each component by the percentage of that
component in the financial structure.
Weighted
average inventory method
– This
is an inventory valuation
method in
calculation in which the weighted average cost per
unit for the period is the cost of the goods available for
sale divided by the number of units available for sale.
Weighting
– A process which adjusts and index number to
take into account the relative importance of a variable.
W elfare
- Government programs that supplement the incomes of the
needy.
W elfare
economics
- The study of how the allocation of resources affects
economic well-being.
White-collar union
- A union which represents non manual workers (office
workers, management and professional staff).
White knight
– Refers to an firm or individual that comes to the aid of a company facing a
hostile takeover bid.
White paper -
1. is a government report; bound in white; also called a white book.
Or 2. a short treatise whose purpose is to
educate industry customers. Or 3. an authoritative
report on a major issue, as by a team of journalists.
Wholly
owned subsidiary
– This
is used to refer to the situation where
the parent company owns 100% of the stock of the subsidiary
company.
Wholesale –
Refers to the selling of items to retailers usually
in large quantities which are then broken up into smaller
quantities to be on sold to consumers.
Wholesale banks - Banks specializing in large-scale deposits,
and loans and dealing mainly with companies.
Wholesale deposits - and loans Large-scale deposits and loans made
by and to firms at negotiated interest rates.
Wholesaler
- A wholesaler buys in bulk (large quantities) from the
manufacturer and sells on smaller quantities either to
retailers or, occasionally, direct to customers
Wide
area network (WAN)
– Is a
network comprising a large geographic area.
Wide monetary base (MO) - Notes and coin outside the central bank
plus banks' operational deposits with the central
bank.
Wi-Fi
(wireless fidelity) - Is the popular term for a high-frequency wireless local area network.
Willingness
to pay
- The maximum amount that a buyer will pay for a good.
Windfall profits
– Refers to
a profit or gain that occurs as a result of a specific event that was not
controlled by the firm or person that realised the gain from
that event.
Window
dressing
– Is the
process of
making a
company look better financially than it really is.
WIP
(Work in Process/Progress) - This is used to
refer to items part way through the manufacturing process
e.g. they are not yet finished goods.
Withdrawals (W) (or leakages)
-
Income
earned by households and not passed on to firms in return
for goods and services purchased, and income earned by firms
and not passed on to households in return for factor
services purchased.
Withdrawals equal net saving (S) plus
net taxes (T) plus expenditure on imports (M): W=
S + T + M.
Withholding -
1. an income tax that is being withheld from the employees' wages
and the firm is paying
directly to the government. Or 2. a tax
which is deducted from the dividends payable on investments which are
to paid people residing in other countries.
Withholding
tax
– Refers to deductions by an employer from employee salaries
for the payment of federal and state income taxes.
Work
cell
– Refers to a physical or logical grouping of resources that
performs a defined job or task.
Worker co-operative
- A business organisation owned by employees who
contribute to production and share in profit.
Works
councils
- Committees, made up of workers, who are consulted or
informed on matters that affect employees.
Worker
participation
- The employees contribute to decision-making in the
business. See also works councils and democratic leadership.
Working capital
- The funds left over to meet day to day expenses after
current debts have been paid. It is
calculated by current assets minus current liabilities.
Working capital cycle
- The flow of liquid resources into and out of a business.
Working capital ratio
– This ratio shows working capital as a proportion of sales.
Work papers
– These refer to in accounting the documents that show the evidence which auditors have
gathered through the work they have done, these papers also
show the methods and different procedures
the auditors have followed, and what conclusions the
auditors have arrived at in the audit of the financial statements.
Working to rule
- Workers do the bare minimum they have to, as set out in
their job descriptions.
Work in
progress -
The value
of partly finished (ie. partly manufactured) goods.
Work-in-progress
- Partly finished goods.
Works
councils
- Committees, made up of workers, who are consulted or
informed on matters that affect employees.
Work study
- A process which investigates the best possible way to use
business resources.
Work to rule
- When employees do not carry out duties which are not in
their employment contract.
World
bank -
International
Bank For Reconstruction and Development (IBRD).
World
price
- The price of a good that prevails in the world market for
that good.
World Trade Organisation (WTO)
- An organisation which seeks to promote
free trade between nations and monitors world trade.
World
wide web
(WWW) –
Refers to the internet system for worldwide hypertext
linking of multimedia documents, making the relationship of
information that is common between documents easily
accessible and completely independent of physical location.
Worm
– A
destructive computer
program that replicates itself and penetrates a valid
computer system. It may also spread within a network.
Worth
– Refers to something having a specified value.
Write down
- To
reduce the book value of the asset.
Write-off -
Depreciating an asset to zero in one go.
Write up
- To
increase the recorded value of an asset, but it is not
allowed under GAAP (Generally Accepted Accounting
Principles) and therefore seldom used.
Writing off
- The process of reducing the value of an asset by the
amount of depreciation.
WTO
- World Trade Organisation. Organisation of member
states aimed at reducing barriers to free trade.
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