UNIX is a powerful operating system developed by AT&T Bell Laboratories in 1969. Known for its robustness and flexibility, UNIX can be used on multiple platforms and supports a wide variety of hardware types. It is particularly popular for workstation computers on networks and is primarily utilized by universities and mid-sized businesses.
Unjust enrichment refers to a scenario where an individual or entity gains or benefits from another's efforts or acts without providing compensation, leading to an obligation to make restitution.
An unlimited company is a type of company where its members have unlimited liability. This means that in case of liquidation, members are required to cover all the company's debts using their personal assets, if necessary.
Unlimited liability refers to the legal obligation of a business owner or partners to pay all debts and liabilities incurred by the business, potentially using personal assets.
Unlisted securities, also known as unquoted securities, are typically issued by companies not listed on an official stock exchange. These securities often present higher risks due to less stringent compliance requirements compared to listed securities.
An unlisted security is a financial instrument such as a stock or bond that is not listed on any major stock exchange and is typically traded over-the-counter (OTC).
Unloading refers to the act of offloading or selling large quantities of an asset, typically at lower than market prices, generally to raise cash quickly or influence market conditions.
Unmailable matter refers to materials that the U.S. Postal Service (USPS) cannot accept or transport due to restrictions on size, weight, or content.
An unmarried taxpayer is a taxpayer who is single, has obtained a final decree of divorce or separate maintenance, or a decree of annulment by the last day of the tax year. They are considered unmarried for the entire year.
Unoccupancy refers to the absence of people from a given property for at least 60 consecutive days. Many property insurance policies suspend coverage after a structure has been unoccupied for this period due to increased risks of vandalism, malicious mischief, or other hazards.
An unpaid cheque is a cheque that has been submitted for clearing but is returned to the payee due to the inability to process the transfer of value. This typically occurs due to insufficient funds in the payer's account or other issues.
An unpaid dividend is a dividend declared by a corporation's board of directors that has not yet been distributed to shareholders. Once declared, it becomes a corporate liability until paid.
An unqualified opinion is an independent auditor's opinion that a company's financial statements are fairly presented, in all material respects, in conformity with generally accepted accounting principles (GAAP). It is also referred to as a clean opinion.
Unrealized appreciation refers to the increase in the value of an asset that has not yet been sold, calculated as the excess of the asset's fair market value over its adjusted basis. This appreciation is recognized for financial reporting purposes but does not incur income tax until the asset is sold.
Unrealized depreciation refers to the excess of the adjusted basis of an asset over its fair market value, for determining losses on the sale or other disposition of the asset.
Unrealized profits or losses represent the gains or losses that have occurred but have not yet been actualized through the sale of an asset. These figures remain 'on paper' until the asset is sold, transforming them into realized profits or losses.
Unrealized profit/loss refers to the profit or loss that exists on paper due to holding assets, rather than actually selling or otherwise disposing them to capture the gain or loss in cash.
An unrecorded deed is an instrument that transfers title from one party (grantor) to another party (grantee) without providing public notice of change in ownership. Recording a deed is essential to protect one’s interest in real estate.
The unrecovered cost represents the unexpired book value of an asset, typically calculated as the original cost less accumulated depreciation.
Unregistered stock, also known as letter stock, refers to shares of a company that have not been registered with the Securities and Exchange Commission (SEC) and cannot be traded freely on public stock exchanges.
Unrelated Business Income (UBI) pertains to income generated by a tax-exempt organization from activities unrelated to its primary exempt purpose.
Understanding the concept of Unrelated Business Income (UBI) which refers to the income generated from activities unrelated to a not-for-profit organization's tax-exempt purpose. A corporate tax is applied to such income to ensure fair competition with taxable organizations.
Unreported income refers to the improper failure to include certain income on a tax return. This can have significant legal repercussions, including penalties, interest, and criminal charges.
An unsecured creditor is an entity to whom money is owed by an organization but does not have any specific collateral or asset to lay claim on in the event of bankruptcy or non-payment.
An unsecured debenture is a type of debt instrument that is not backed by any specific collateral, relying instead on the creditworthiness and reputation of the issuer.
Unsecured debt is an obligation or loan that is not backed by the pledge of specific collateral as security for the repayment of the debt.
Unsecured Loan Stock (ULS) is a type of loan stock that is not backed by any assets or collateral, making it riskier for lenders compared to secured loan stocks.
Unsecured Loan Stock (ULS) refers to a type of loan stock or debenture that is not backed by specific assets, making it a type of unsecured debt.
Describing an individual having no formal skills, training, or education. Unskilled workers are the least employable and most easily replaced through automation.
When no interest or low interest is provided in an installment sale agreement, part of each payment will be treated as interest. The amount treated as interest is referred to as unstated or imputed interest.
An unstructured interview is a qualitative research method where the interviewer does not have a predetermined set of questions, allowing the interviewee to have significant control over the conversation. This type of interview is used to gather in-depth insights and is often conversational in nature.
Unwinding a trade involves reversing a securities transaction through an offsetting transaction, typically to close out a position by selling or buying back the corresponding amounts of the security originally traded.
Understanding the concept of 'Up Front' in financial, legal, and conversational contexts is essential for clear communication and transparency in agreements and interactions.
An update refers to the process of applying necessary transactions in computerized file maintenance to produce an updated file reflecting all changes, as well as providing or revising current information.
Upfront charges are fees that are charged to homeowners at the time of closing a real estate purchase. These include various costs such as points, recording fees, mortgage title policy, appraisal, and credit report.
Upgraders are individuals or families who currently own a home and are in the process of seeking to buy a new one that they consider an improvement over their current residence, often referred to as 'move-up' buyers.
Improving the quality or performance of something by making changes. Common examples include upgrading computer hardware, software, and even services.
Upkeep refers to the necessary care and management of equipment and operations. This involves maintaining mechanical equipment and organizational systems to prevent deterioration and ensure smooth functioning.
The process of providing data from a smaller computer system, such as a microcomputer, to a larger system, such as a mainframe or minicomputer, or to another microcomputer.
In auctions, an upset price, also known as a reserve price, represents the minimum price at which a seller is willing to entertain bids for a property.
Upside potential refers to the amount of upward price movement an investor or an analyst expects of a particular stock, bond, or commodity.
An upside-down mortgage, also known as an underwater mortgage, is a situation where a homeowner owes more on their mortgage loan than the current market value of the property. This results in negative equity, making it challenging for the homeowner to sell or refinance the property without incurring a financial loss.
An upswing refers to a period characterized by an improvement or acceleration in economic growth, also known as an economic expansion. This phase typically features increased economic activity, rising GDP, higher employment rates, and often improvements in consumer and business confidence.
An uptick indicates that the latest trade in a stock is at a higher price than the previous trade. A zero-plus tick is a trade at the last price with the preceding different price registered as an uptick.
Uptime refers to the period during which a machine or system is operational and functioning correctly, allowing workers to be productive and maintain business continuity.
An uptrend refers to the general upward direction in the price of a stock, bond, commodity futures contract, or overall market, characterized by higher highs and higher lows over a period.
A segment of the population that is attempting to move up on the socioeconomic class scale. 'Upwardly mobile' describes a trend toward higher status in terms of income, material goods, and lifestyles.
Urban refers to areas characterized by high population density, extensive infrastructure, and significant human settlement, often forming the core of metropolitan regions.
Urban renewal is the process of redeveloping deteriorated sections of a city, often through demolition and new construction. It aims to revitalize urban areas to spur economic development and improve living conditions.
Urban Sprawl is a pejorative term for low-density development in suburban and the fringe of urban areas. It is characterized by distance from employment and commercial centers, dependence on automobile travel, and extended public infrastructure.
The Urgent Issues Task Force (UITF) is a body responsible for providing timely guidance on new or emerging accounting issues that may not yet be addressed sufficiently by existing standards.
The Urgent Issues Task Force (UITF) was established in 1991 as part of the Accounting Standards Board. It was responsible for tackling urgent matters not covered by existing standards, especially where the customary standard-setting process could not be applied due to time constraints. The UITF was disbanded in 2012 as part of the reform of the Financial Reporting Council.
Usage rate refers to the speed at which a commodity, raw material, or other resource is used up. It measures consumption over a specific period and is crucial for managing inventory, production schedules, and financial planning.
Usance refers to the period allowed for the payment of a foreign bill of exchange. This term has played a crucial role in international trade finance by specifying the timeframe within which the debtor must settle their account.
A USB drive, also known as a flash drive, jump drive, memory stick, or thumb drive, is a portable, plug-and-play, small storage device that can be attached to a keychain, which can be recognized immediately as an external drive when plugged into any USB port. Available in capacities up to 8 GB and higher.
The useful economic life, or useful life, is the period for which the present owner of an asset will derive economic benefits from its use.
Useful life refers to the period of time over which a depreciable asset is expected to provide a competitive return or service. The Modified Accelerated Cost Recovery System (MACRS) allows depreciable lives for tax deduction purposes that may differ from the useful life of the property.
Usenet Newsgroups are collections of messages and files shared among users within the Internet-based system of Usenet, serving various interests and topics. They are categorized and accessible through newsreader software.
A user fee is a charge typically imposed by a municipality or governing body for the specific use of a service. Rather than being funded through broad-based taxes, the cost of municipal services such as parks, swimming pools, and toll roads is covered by those who directly use and benefit from them.
A User ID is the unique identifier by which a user is identified on a particular computer network or system, typically used in conjunction with a password for secure access.
User-friendly refers to computer hardware or software designed to be easy for people, especially novices, to use. It indicates that the interface and functionality are intuitive, easy to learn, and efficient to operate.
A usufructuary right enables an individual to use or benefit from property owned by another person temporarily, without altering the ownership of the property.
Usury refers to the practice of charging an interest rate on loans that exceeds the legal maximum set by state law. The limits on usury can vary based on the type of lender and loan, and federal laws sometimes override these state limits under specific conditions.
A teleological theory of ethics emphasizing that decisions should be made based on achieving the greatest good for the greatest number of people.
A utility refers to two primary concepts: essential services required for building operation (like water and electricity) and specialized computer software that aids in system management and performance optimization.
A utility easement is a legal agreement that allows utility companies to use a portion of a property for the purpose of laying and maintaining infrastructure such as gas, electric, water, and sewer lines.
The Utility Possibility Frontier (UPF) is a curve on a graph that illustrates the maximum utility levels that two different consumers can achieve given a fixed amount of resources and technology, highlighting the trade-offs in redistributing resources.
A V-shaped recovery refers to a sharp rebound in economic activity where the economy experiences a steep decline followed by a rapid and vigorous recovery, typically measured by gross domestic product (GDP) growth.
A VA Loan is a home loan provided under the Servicemen's Readjustment Act of 1944 and later legislation, guaranteed by the U.S. Department of Veterans Affairs (VA) for eligible veterans and service members. It ensures lenders are compensated in the event of borrower default.
VA Mortgage, or Veterans Affairs Mortgage, is a home loan program provided by the U.S. Department of Veterans Affairs to help veterans, active-duty service members, and eligible surviving spouses buy, build, repair, retain, or adapt a home for personal occupancy.
In real estate and property management, vacancy refers to the state of a property that is unoccupied. A vacant building or unit is one that is presently empty and not leased or rented out.
Vacancy rate is a key metric used in real estate to measure the percentage of all units or space that is unoccupied or not rented. It is essential for estimating potential income and making informed investment decisions.
Vacant land refers to land not currently being used for developed purposes. It might have utilities and off-site improvements but lacks significant buildings or structures.
Vacant property refers to real estate that is currently unoccupied and not being used, whether it is residential, commercial, or industrial. Such properties can present unique challenges and opportunities for owners and managers.
Understanding the different applications of the term 'vacate' in real estate, law, and other contexts.
A vacation home is a dwelling that owners use occasionally for recreational or resort purposes. It may be rented to others for part of the year and the income tax deductions depend on the frequency of owner use.
Vacation pay refers to the compensation provided to employees during their vacation leave. It can also include amounts paid even if the employee opts not to take a vacation.
A term used to indicate that an agreement or a legal document is legally binding, sufficient, and authorized by law.
A financial term often used to describe a low point in economic activity, as seen in a 'trough' in the business cycle.
Valuable consideration refers to any promised payment or benefit that can be legally enforced by a promisee against an unwilling promisor, typically involving money, extension of time, or other economic equivalents.
Valuation is the process of determining the current worth or price of an asset or a company. This act is pivotal in finance and investing, influencing decisions ranging from purchasing securities to compliance with regulations.
Valuation risk refers to the uncertainties and potential errors that arise when determining the fair value of an asset, liability, or business. This risk can occur in various scenarios, such as during the acquisition of a business or the valuation of over-the-counter market options.
Value represents the worth of all the rights arising from ownership, commonly referring to the quantity of one thing that will be exchanged for another.
Value Added refers to the value of a product or output minus the costs of raw materials used in production. Essentially, it represents the increase in value created by the manufacturing process through the application of capital and labor.
VAT is a consumption tax levied on the sale of goods and services in the UK, added at each stage of production and distribution.
Value Added Tax (VAT) is a consumption tax levied on the value added to goods and services at each stage of production or distribution and is ultimately borne by the end consumer.
Value Added Tax (VAT) registration is an obligation for businesses making taxable supplies that exceed a set registration threshold within a specific period, requiring them to register for VAT.
The value chain is a series of processes involved in the production, distribution, and marketing of a good or service, each adding value for the consumer.
Value Date marks the specific day when funds from a remittance become available to the payee, denoting the culmination of the banking clearing cycle.
Identifying and managing value drivers is crucial for forecasting future cash flows and ensuring the long-term viability of a business.
A value for money audit (VFM audit) is an audit of a government department, charity, or other non-profit organization to assess whether it is functioning efficiently and delivering value for the money it spends.
Value in exchange refers to the amount of other goods and services for which a unit of a specific good can be exchanged in a market. This is often represented by the money price of the good.
Value in use is the present value of an asset's future cash flows derived from its continued use and eventual disposal, used primarily in impairment testing and asset valuation assessments.
Value investing is an investment philosophy that focuses on buying stocks that are trading at bargain prices based on fundamental analysis, then holding them until they become fully valued.
Value Investment is an investment strategy that focuses on the underlying real value of a company and its long-term growth potential rather than short-term market fluctuations.
A value judgment is a judgment reflecting values and personal opinions. Often, it is a biased opinion influenced by the individual's beliefs, emotions, and biases rather than objective facts.
The Value Line Investment Survey is an investment advisory service that ranks hundreds of stocks for 'timeliness' and safety, helping investors make informed decisions based on projected stock performance.
A value-added statement outlines the wealth that a company has created for its stakeholders and how that wealth is distributed among employees, shareholders, governments, and others.
A financial statement displaying the wealth created by a company through the collective efforts of capital, employees, and others, along with its allocation over an accounting period.
A Value-Added Tax (VAT) is a type of indirect tax levied on goods and services at each stage of production or distribution where value is added. It is prevalent in many countries worldwide and represents a significant source of revenue for governments.
