U

Unit cost is the total cost attributable to producing or acquiring one unit of a product or service. It is usually calculated by dividing...

Uniform costing is the use of common costing methods, principles, and practices across different units, companies, or departments for consistency and comparison. It helps...

An unfavourable variance occurs when actual cost is higher than expected, or actual revenue is lower than expected, compared with standards or budget. It...

Unearned revenue is money received from a customer before the related goods are delivered or services are performed. Since the business still has an...

Unearned discount generally refers to a discount benefit that has not yet been realized or recognized because the related payment or condition is still...

Underwriting commission is the fee paid to underwriters for agreeing to subscribe to any shares or securities not taken up by the public during...

Understated means that an amount in the financial statements is shown at less than its correct value. For example, expenses may be understated if...

Underlying profit is a profit measure intended to show the earnings from the normal, ongoing operations of the business after excluding unusual, one-time, or...

Under-absorption of overheads occurs when the overhead allocated to production or jobs is less than the actual overhead incurred during the period. This means...

Uncollectible accounts are receivables that a business does not expect to recover from customers. These may arise because of customer insolvency, dispute, prolonged default,...

Unappropriated retained earnings are the accumulated profits of a business that have not been specifically set aside for any reserve, dividend, or designated purpose....