Severance pay is a payment made by the employer when the employee is separated from the job. severance pay was not used to determine a workerâs eligibility for unemployment benefits. benefits. payable in the weeks to which the severance payment is allocated or distributed.
forensic accounting. Definition. A method of accounting that deals with financial procedures that have been challenged or charged as illegal. One example of forensic accounting is examining insurance fraud claims. Related Terms.
Definition. A system of accounting based on the accrual principal, under which revenue is recognized (recorded) when earned, and expenses are recognized when incurred.efinition. A system of accounting based on the accrual principal, under which revenue is recognized (recorded) when earned, and expenses are recognized when incurred.