W-4: See Form W-4.

wasting asset: An asset with a limited useful life; an asset that declines in value and is subject to depreciation or depletion charges.

weighted-average: A periodic inventory cost flow alternative whereby the cost of goods sold and the cost of ending inventory are determined by using a weighted-average cost of all merchandise available for sale during the period.

working capital: The excess of all current assets over the total of all current liabilities. The greater the working capital, the easier it is for a company to meet its current (usually one year or less) obligations.

working papers: The schedules and documentation that an auditor prepares to support his or her report on financial statements of a business or other entity.

work sheet: A columnar schedule used to summarize accounting data.

working capital: Current assets minus current liabilities.

working capital turnover: A measure of the amount of working capital used in generating the sales of a period; computed by dividing net sales by average working capital.