Identify and Give the Historical Significance of Each of the Following

question 97

Essay

Identify and give the historical significance of each of the following terms, events, and people in a paragraph or two.
-Reconstruction plans

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Definitions:

Vacation Pay

This refers to the compensation employees are entitled to receive for days they are on vacation and not working.

Accrual

Accrual accounting records revenues and expenses when they are earned or incurred, regardless of when cash transactions occur.

Loss Contingencies

Possible financial losses that companies may face as a result of future events that have uncertain outcomes, necessitating disclosure in financial statements if they are both probable and estimable.

Gain Contingencies

Gain contingencies are potential increases in economic benefits to an organization that arise from events whose outcomes or realizations are uncertain until they occur.