ACCOUNTING EVENT Definition

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ACCOUNTING EVENT is when the assets and liabilities of a business increase/decrease or when there are changes in owners equity.

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SUPERANNUATION is a. the act of discharging someone because of age (especially to cause someone to retire from service on a pension) or, b. a monthly payment made to someone who is retired from work.

DOUBTFUL DEBT is a debt where circumstances have rendered its ultimate recovery uncertain. Conservatism requires that doubtful debts should be treated in the same way as bad debts. They should thus be recorded as an expense in the profit and loss account and to be credited to a provision to set off against ultimate default if it occurs.

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