LESSEE Definition

Bookmark and Share

LESSEE is the party to whom the possession of specified property has been conveyed for a period of time in return for rental payments.

Learn new Accounting Terms

LITIGATION RISK is an assessment of the likelihood or probability that legal action may be taken, e.g. auditors may encounter an unacceptable level of litigation risk on an assignment where the client has possibly been involved with fraudulent financial reporting.

OCCURRENCE deals with whether recorded transactions have occurred during a given period. For example, management asserts that sales in the income statement represent the exchange of goods or services with customers for cash or other consideration.

Suggest a Term

Enter Search Term

Enter a term, then click the entry you would like to view.