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What does forfeiture mean in accounting?

Forfeiture refers to a loss of any property, money, or assets without consideration or compensation in return. A forfeiture generally occurs due to default in complying with repayment obligations under a contract. It can also be used as a penalty for an illegal way of conducting business.

What does it mean to have money in forfeiture?

A: Asset Forfeiture is the process by which the Government confiscates money and/or property that may represent proceeds of a crime or property used or involved in the commission of a crime.

What is an example of forfeiture?

In law, a forfeiture is the loss of rights or goods due to not fulfilling some obligation. For example, failing to make car payments to a bank can result in the forfeiture of your car. the act of losing or surrendering something as a penalty for a mistake or fault or failure to perform etc.

What is forfeiture punishment?

Forfeiture to the government includes the surrender of property, money, or privileges as punishment for illegal or prohibited activities. This can be a civil or criminal process and often involves judicial proceedings.

What does this word mean forfeiture?

/ˈfɔːr.fə.tʃɚ/ the loss of rights, property, or money, especially as a result of breaking a legal agreement: He was deep in debt and facing forfeiture of his property.

forfeited payment in tagalog example

forfeited payment meaning forfeiture meaning forfeiture of property forfeiture of shares forfeiture meaning in accounting civil forfeiture how to pronounce forfeiture forfeiture meaning in law

What does forfeiture balance mean?

The term forfeiture refers to the non-vested portion of a former employees account balance in the plan. For example, if a participant is 40% vested in their profit-sharing account source when he or she terminates, the remaining 60% of his or her profit-sharing account balance will become a forfeiture.

What does forfeiture mean in government?

Criminal forfeiture is an action brought as a part of the criminal prosecution of a defendant. It is an in personam (against the person) action and requires that the government indict (charge) the property used or derived from the crime along with the defendant.

What is the meaning for forfeiture?

/ˈfɔːr.fə.tʃɚ/ the loss of rights, property, or money, especially as a result of breaking a legal agreement: He was deep in debt and facing forfeiture of his property. Court cases, orders decisions.

What is an example of forfeiture?

In law, a forfeiture is the loss of rights or goods due to not fulfilling some obligation. For example, failing to make car payments to a bank can result in the forfeiture of your car. the act of losing or surrendering something as a penalty for a mistake or fault or failure to perform etc.

What is an example of forfeit?

Forfeit means to lose or give up something, usually as a penalty. If you dont finish your homework and eat all your broccoli, youll most likely forfeit your right to watch TV before going to bed.

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