Accounting

Glossary – Accounting

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There are 6 names in this directory beginning with the letter U.
UBIT
Unrelated business income tax.

Uncollected funds
The amounts in a company’s bank account that are not yet accessible because the checks deposited into the account have not yet cleared the bank on which they were drawn.

Undeposited checks
Checks received from customers and others that are not yet deposited into a bank account. Undeposited checks which are not postdated are reported as part of a company’s cash.

Underwriter
In securities, a party that assists a company in issuing stock or bonds.

United Way payable
This current liability account reports the amount a company owes the United Way organization as of the balance sheet date. The amount includes the withholdings from employees’ pay plus the amount owed by the employer.

Unrelated business income tax
A tax imposed on income earned by a nonprofit that is unrelated to its exempt purpose.
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