Glossary of Accounting Terms

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Index of Accounting Terms - U

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Icon representing financial risk assessment
Underwriter Related Terms: Risk Assessor, Loan Officer, Insurance Underwriter What is an Underwriter? An individual or institution that assesses the risk of insuring a client or lending money to a borrower.
Icon representing the process of risk assessment
Underwriting Related Terms: Risk Assessment, Loan Evaluation, Insurance Assessment What is Underwriting? The process by which lenders or insurers assess the creditworthiness or risk involved in providing a loan or insurance policy.
Unearned Revenue icon representing payments received in advance for future goods or services
Unearned Revenue Related Terms: Deferred Revenue, Accrual Accounting, Liability, Customer Deposits, Advance Payments, Balance Sheet Accounts What is Unearned Revenue? Money received by a company for goods or services that have not yet been delivered or rendered to the customer. This is recorded as a liability on the balance sheet until the revenue is earned and recognized according to accrual accounting principles, representing a future obligation to the customer.
Icon representing a standardized set of business laws
Uniform Commercial Code (UCC) Related Terms: UCC, Commercial Law What is the Uniform Commercial Code (UCC)? A comprehensive set of laws governing commercial transactions between U.S. states.
Icon representing a security interest filing
Uniform Commercial Code-1 (UCC-1) Related Terms: UCC-1 Filing, Security Agreement What is Uniform Commercial Code-1 (UCC-1)? A financing statement filed to create a public record of a lender's security interest in a borrower's personal property.
Icon representing taxes on purchased goods used in a state
Use Tax Related Terms: Consumer Use Tax, Complementary Sales Tax What is Use Tax? A tax imposed on the use, storage, or consumption of tangible personal property within a state when sales tax was not paid at the time of purchase.
Useful Life icon representing the estimated period of an asset's use for generating business revenue
Useful Life Related Terms: Depreciation, Fixed Assets, Salvage Value, Asset Accounting, Capitalization Policy What determines an asset's Useful Life for accounting purposes? Understand this estimate of the period over which a depreciable asset is expected to be used by a company to generate revenue. The useful life is a key factor in calculating depreciation expense, impacting a company's financial statements and tax liability, and is a crucial concept in fixed asset accounting.

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