WHICH IS THE BEST FORMAT TO BACK UP SONGS IN?

[PAPPA3]

Can anyone recommend the best fomat to save music in?  All the WAV, WMA, FLAC, ETC. options have LMABC (left me a bit confused).  My priorities are sound quality, then file size.  A good compromise between sound quality and file size is ideal.  Thanks you-all

 

[ghostinthemachine]

 

[ghostinthemachine]

 

[Rodney_gold]

 

[MxT]

 

[PAPPA3]

 

[fdlsys]

 

[user 1447]

 

[MxT]

 

[Dingbat]

 

[PearlJam]

 

[Timber_MG]

 

[siphiwe]

 

[kay]