-
UNICAP
see UNIFORM CAPITALIZATION RULES.
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UNIDENTIFIED CASH RECEIPTS
is normally
a temporary holding (suspense) account in which funds received but not
yet identified as to which account receivable the amount should be properly
assigned to are posted.
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UNIFORM CAPITALIZATION RULES (UNICAP)
,
in the U.S., is a method of valuing inventory for tax purposes that requires
capitalization of direct costs, e.g. material and labor, and an allocable
portion of indirect costs that benefit or are incurred because of production
or resale activities. Certain expenses must be included in the basis of
the property or in inventory costs rather than currently deducted. These
costs are then recovered through depreciation or amortization or as cost
of goods sold.
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UNIT COST
see OBJECT COST.
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UNIT-CONTROL SYSTEM
is an accounting system used
in inventory management that tracks inventory using bin tickets and physical
inventory checks.
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UNIT-LEVEL ACTIVITY
, in
Activity Based Costing, is an activity that must be done for each unit
of production.
-
UNIT-OF-DELIVERY METHOD
see UNIT-OF-WORK-PERFORMED
METHOD.
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UNIT-OF-WORK-PERFORMED METHOD
is where
revenue and cost of sales are recorded as units of work are delivered.
This is
most suitable to production-type contracts where
many units of a product are produced in a continuous process, e.g. automobile
manufacture.
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UNITIZE
is to separate or classify
into units, e.g. auto manufacturers unitize along model designations.
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UNLIMITED COMPANY
is
where there is no limit to the members liabilities.
-
UNLIQUIDATED
can mean:
not liquidated; not exactly ascertained; not adjusted or settled.
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UNQUALIFIED OPINION
is
an independent auditor's opinion that a company's financial statements
comply with accepted accounting procedures. See QUALIFIED OPINION.
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UNQUOTED SHARES
are shares which are not traded on stock exchanges or other organized financial markets. See QUOTED SHARES.
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UNREALIZED
is an event
having occurred but not yet reflected in a transaction. This refers to
unrealized gains and losses, which have not happened but would happen
if the investor sold the security or asset that an entity currently holds.
Unrealized gains are not usually taxable. It is the opposite of realized.
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UNREALIZED ACCOUNTS RECEIVABLE
,
in cash based accounting, is monies due but not received; can be used
to offset taxes.
-
UNREALIZED INCOME
(paper profit) is
profit which has been made but not yet realized or collected through a
transaction, such as a stock which has risen in value but is still being
held. also called unrealized gain or unrealized profit or paper gain or
book profit.
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UNREALIZED LOSS
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UNRESOLVED EQUITY
is the difference
between Total Assets and Total Liabilities on the Balance Sheet. Total
Assets is always equal to Total Liabilities plus Equity.
-
UNRESTRICTED ASSETS
are assets / resources
which are not restricted for use by legal or contractual requirements
and may be used for any purpose.
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UNRESTRICTED GRANT
is a grant made
to further the general purpose or work of an organization, rather than
for a specific purpose or project.
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UNSECURED
is obligation backed not
by collateral but only by the integrity of the borrower. Opposite of secured.
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UNUSUAL GAINS AND LOSSES
are material
gains and losses that are either unusual or occur infrequently, but not
both, are excluded from the extraordinary item classification (see EXTRAORDINARY
ITEMS).
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UP-FRONT PAYMENT
is anything of value,
usually money, delivered at the time a contract is signed, e.g. down
payment, licensing fees, or closing costs.
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UPSTREAM
is of or relating to earnings or operations (costs) at a firm that are near or at the initial stages of producing a good or service, e.g. exploration and production are upstream operations (costs) for a large integrated oil company. See DOWNSTREAM.
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UPSTREAM / DOWNSTREAM SALES
is normally
associated with inter-company sales: Upstream is a subsidiary selling
into the parent entity; while downstream is the parent selling into a
subsidiary.
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USAGE VARIANCE
is the
difference between the budgeted quantity of materials and the actual
quantity used.
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USE TAX
is a tax on the storing, using,
consuming, and sometimes distributing tangible personal property or providing
a taxable service, i.e. you will be subject to the use tax in the state
where that event occurs.
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USEFUL LIFE
is the expected period
of time, in years, during which a depreciating asset will be productive.
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USP
is Unit Sales Price, Unique Selling
Proposition, Unique Selling Point, or Usage Sensitive Pricing.
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UST
is United States Treasury.
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