EMPLOYEE BENEFITS Definition

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EMPLOYEE BENEFITS is non-wage compensation provided to employees, such as group insurance, retirement benefits, day care, tuition reimbursement, and specialized benefits.

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POSITIVE CONFIRMATION is the positive form of a receivables confirmation asking the customer to respond whether the customer agrees or disagrees with the client's reported receivable balance. The negative form of accounts receivable confirmation asks the client's customer to respond only if the customer disagrees with the balance determined by the client. The negative form is used when controls over receivables are strong and accounts receivable consists of many accounts with small balances. The positive form is used when controls are weak or there are fewer, but larger, accounts.

ADEQUATE DISCLOSURE is sufficient information in footnotes, as well as financial statements, indicative of a firms financial status.

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