-
UCC
is Uniform Commercial Code, Universal Currency Converter, or Unsecured Creditors Committee.
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ULLAGE
is the empty space present when
a shipping container is not full.
-
UNABSORBED COSTS
occurs when the cost
structure does not fully reflect all variable and/or fixed costs.
-
UNALLOCATED COSTS
represents corporate
costs not associated either directly or indirectly in providing a product
or service for sale. Unallocated costs are not included in the calculation
of COST OF GOODS SOLD.
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UNAPPLIED CASH
see UNAPPLIED FUNDS.
-
UNAPPLIED FUNDS
is available money
credited to a temporary holding (suspense) account, pending determination
or instruction on the breakdown of how the money is to be allocated.
-
UNAPPROPRIATED PROFITS
are those profits
that have been withdrawn from a business by its proprietors or appropriated
for any other purpose.
-
UNAUDITED OPINION
is a qualified opinion
by a Certified Public Accountant who has not audited the relevant financial
statements.
-
UNBILLED REVENUE
is revenue which
had been recognized but which had not been billed to the purchaser(s).
-
UNBUDGETED
are items and/or amounts
that are currently not included within a budget.
-
UNCOLLECTIBLE ACCOUNT EXPENSE
, also
known as a bad-debt expense, is that expense incurred in the unsuccessful
attempt to realize payment of a Account Receivable. Uncollectible account
expenses must be incurred in the time period in which the related sales
are made, e.g. an AR that originates from a credit sale in January and
is determined
to be uncollectible in June represents an expense in January.
-
UNCONDITIONAL
means that an agreement
is not contingent, determined or influenced by someone or something else;
to include not being modified or restricted by reservations.
-
UNCONTROLLABLE EXPENSE
is expense that
cannot be controlled or restrained. Some of the costs of doing business
can not be postponed or spread out over a longer period of time (e.g.,
taxes, rent and utilities).
-
UNDER-APPLIED FACTORY OVERHEAD
is
the amount of residual factory overhead that remains once all known overhead
allocations are assigned to the applicable products. See also UNABSORBED
COSTS.
-
UNDER-BILLING
is not recovering the
full value of the agreed upon price or not billing for the correct amount
of services or goods provided (usually unintentional).
-
UNDERABSORBED BURDEN
is where total
employee costs, other than salaries, have not been fully allocated to
products sold or services offered.
-
UNDERABSORBED OVERHEAD
is where total
overhead has not been fully allocated to products sold or services offered.
Such a condition can result in an understatement of COGS or cost of sales.
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UNDERBUDGETED
is a line item within
a budget to where the budgeted amount is not sufficient to cover the actual
amount.
-
UNDERLYING
is the security, cash commodity,
forward, futures contract, swap, or other contract or instrument that
is the subject of a derivative contract or instrument.
-
UNDERRECORDED
normally refers to an
understatement as to what a total would be if all data was accurately
included or considered; e.g. underrecorded costs, revenues, population,
etc.
-
UNDERSTATED
is to represent as less
than is the case.
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UNDERTAKING
, in business, is a guaranty, promise, or stipulation that creates an obligation.
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UNDERWRITER
is a. a banker who deals
chiefly in underwriting new securities (investment banker), or b. an
agent or financial institution that sells insurance.
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UNDERWRITER'S DISCOUNT
is the differential
between the price paid to the issuer for the new issue and the prices
at which the securities are initially offered to the investing public.
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UNDERWRITER'S SPREAD
see UNDERWRITER'S
DISCOUNT.
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UNDERWRITING
is to protect by insurance
or to guarantee the financial support of the subject item.
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UNEXCEPTIONAL COST
see STANDARD COST.
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UNEXPIRED
means not having come to an end or been terminated
by the passage of time.
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UNFAVORABLE VARIANCE
is the opposite
of favorable variance. See FAVORABLE VARIANCE.
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UNFUNDED COMMITMENT
is, as of any
date of determination, the sum of legally binding calls upon current
or future assets to where the assets or sums have not been identified
or set aside to satisfy the commitment.
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