Author Pramod Gatlewar

Howdy, an Accounting Professional!

Severance-Pay

Severance Pay/Expense is a pay/expense, which an employer pay his employee on discontinue the services by own or got terminated or leave the organization through mutual understanding due to any reason.

Reconciliation

Reconciliation is an activity which ensures that the two sets of accounting record/balances are matching. It is an act of validating recorded balance with source documents.

Deffered Revenue Expenditure on AccountingMantra

Deferred Revenue Expenditure is an expense which is actually revenue in nature and its benefit results in more than one accounting period. This expense does not create an asset.

Basic Accounting liability on AccountingMantra

In the accounting terminology when the word Liability is used then its only shows that the business owes something and having a legal responsibility to pay back. Liability is a balance sheet item having always credit balance.

Contingent Assets

Contingent assets are those possible assets whose existence depends on unpredictable future events which may or may not occur and these events are fully or partially out of control of the related individuals.

accounts_payable

Account payable is a current liability, presented in the balance sheet liability side. It’s a short-term liability of a company towards it supplier/creditors.

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