Simplify the following text for a Grade 12 native English-speaking person.
Original: Waveform Audio File Format ( WAVE , or more commonly known as WAV due to its filename extension ) , ( also , but rarely , named , Audio for Windows ) is a Microsoft and IBM audio file format standard for storing an audio bitstream on PCs .
Simplified: WAV ( or WAVE ) , short for Waveform Audio File Format , is a Microsoft and IBM audio file format standard for storing an audio bitstream on PCs .