Leave of Absence

Furlough
A furlough is a temporary leave of absence from an organization, typically granted to employees for a specified period, often without pay. Furloughs can be used for various reasons, including economic downturns, training, or personal necessity.
Leave of Absence
A leave of absence refers to a formally approved period during which an employee is permitted to take time off work without losing their job seniority or associated perks. It is often granted for specific purposes such as education, research, maternity/paternity leave, or personal health.

Accounting Terms Lexicon

Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.