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.
1. : the system of recording and summarizing business and financial transactions and analyzing, verifying, and reporting the results; also: the principles and procedures of accounting. 2. a: work done in accounting or by accountants b: an instance of applied accounting or of the settling or presenting of accounts.