Unbiased
One of the three criteria of "Dependability" which is one of the two primary characteristics of accounting information. For information to be unbiased means that it is neutral, not slanted toward some purpose. It is an objective reporting of only the facts.
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Uncollectible account
An account receivable balance not likely to be paid. See Bad debt.
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Under capitalized
When the process of contributing cash or property to the business by the owners is insufficient.
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Under the table
Business transactions involving money that were not reported to the taxing authorities.
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Unearned revenue
Advances or prepayments by customers for goods or services not yet delivered or rendered.
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Unexpired cost
An expenditure or cost of an asset that has not yet been consumed or used.
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Uniform partnership agreement
In the state of California, if partners fail to draft their own partnership agreement then a standardized agreement will take its place to settle legal issues.
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Unit of Measure
One of the six basic assumptions of accounting information. The assumption that economic activity will be measured in terms of dollars; not board feet, pounds or some other form of measurement.
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Useful life
Service life or economic life.
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Utility
One of the four secondary characteristics of accounting information. Another word for practical need. Do the costs of preparing or supplying information outweigh the benefits of its use?
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