Accounting Terminology

Uncollectable Accounts Expense: An account that represents the portion of the current period's receivables that are estimated to become uncollectable.

Undelivered Orders: The value of goods and services ordered and obligated, but which have not been received.

Undeposited Funds Account: An account used to show the current total of money received (i.e. not yet banked or spent). The 'funds' can include money, checks, credit card payments, bankers drafts etc. This type of account is also commonly referred to as a 'cash in hand' account.

Unearned Revenues: Amounts received before they have been earned.

Unexpended Balance: The amount of budget authority unspent and still available; the sum of the obligated and unobligated balances.

Units-or-Production Depreciation Method: The depreciation method in which the cost of an asset is allocated to each period on the basis of the productive output or use of the asset during the period.

Unlimited Liability: The lack of a ceiling on the amount of liability a proprietor or partner must assume; meaning that if business assets are not sufficient to settle creditor claims, the personal assets of the proprietor or partners may be used to settle the claims.

Unliquidated Obligations: Amounts committed for a specific purpose for which there has been no disbursement of funds.

Unrealized Gains and Losses: Gains and losses resulting from changes in the value of securities that are still being held.

Unrecorded Expenses: Expenses incurred during a period that have not been recorded by the end of that period.

Unrecorded Revenues: Revenues earned during a period that have not been recorded by the end of that period.

Useful Life: The term used to describe the life over which an asset is expected to be useful to the company; cost is assigned to the periods benefited from using the asset.