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.
The more specific definition of fiduciary accounting refers to the actual compiling of all data and preparing of the financial disclosure statements. Particularly when required by the Probate Court, these formal reports are often referred to as 'the accountings'.