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Uncollectible Accounts Expense: An account that represents the portion of the current period's receivables that are estimated to become uncollectible.

unearned revenues: Amounts received before they have been earned.

units-or-production depreciation method: The depreciation method in which the cost of an asset is allocated to each period on the basis of the productive output or use of the asset during the period.

unlimited liability: The lack of a ceiling on the amount of liability a proprietor or partner must assume; meaning that if business assets are not sufficient to settle creditor claims, the personal assets of the proprietor or partners may be used to settle the claims.

unrealized gains and losses: Gains and losses resulting from changes in the value of securities that are still being held.

unrecorded expenses: Expenses incurred during a period that have not been recorded by the end of that period.

unrecorded revenues: Revenues earned during a period that have not been recorded by the end of that period.

useful life: The term used to describe the life over which an asset is expected to be useful to the company; cost is assigned to the periods benefited from using the asset.  

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