I've worked on an android/ios game and a pc/mac game.
For mobile you almost always have to use MP3 or OGG (or similar) for streaming music. For loading/off loading one hit sounds like short SFX wav can work but you'll probably need to use a lower spec like 22k. It really depends on what your clients are using to run their audio. For example Unity is great and can take hi-res assets and then export them out for whatever kind of platform the game is launching on. It can even do multiple versions - all from hi-res assets.
But if your client(s) are making their own audio engine, it's really up to what they support.
Things get a bit less restricted when it comes to PC/Mac but it's still a common (and best) practice to stream your music as a lower res file type (MP3, OGG, etc) because otherwise it could really drive down performance. If you're learning FMOD or other forms of middleware be sure to set long files (music) to stream and short files (SFX) as loading into RAM. If you try and load a 2 minute WAV file into memory while running the game, things could get messy!