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.
|