SIC Definition

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SIC (STANDARD INDUSTRIAL CLASSIFICATION) is a U.S. Government numerical coding system used in the U.S. to group and classify basically all products and services existing within the U.S. economy.

Learn new Accounting Terms

W-2 FORM, Wage and Tax Statement, is the form U.S. employers are required by the IRS to issue for each employee before February 28th of the following year. The W2 form lists the employees total wages/compensation and taxes withheld within the calendar year of the year preceding.

DISCOUNT is a decrease in value (often due to interest to be earned) or decrease in price.

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