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.
Author Pramod Gatlewar
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.
On a regular interval business/individual needs to do bank reconciliation of their cash book and bank statement as a control point to find out whether there is any difference.
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.
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.
Sundry creditors are also known as trade creditors. They are the supplier of the business and hold Liability by us.
Contingent Liability is the liability which may arise depending on the future event/s.
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.