Unpaid Expenses
Unpaid expenses are costs incurred but not yet paid at the end of an accounting period. They are recorded as accrued liabilities and expensed on the income statement. Examples include unpaid salaries, utility bills, or interest. This ensures financial statements reflect all obligations, even if not yet settled.
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Under-absorption of Overheads
Under-absorption of overheads happens when the allocated overheads to products or jobs are less than the actual overheads incurred. It…
Unfavourable Variance
An unfavourable variance occurs when actual costs exceed budgeted or standard costs, or when actual revenue falls short of expectations.…
Utility Expense
Utility expense represents the cost of services such as electricity, water, gas, and internet used in business operations. It is…
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