What is Unlimited Liability? Definition: Unlimited liability refers to the uncapped responsibility of business owners to cover the liabilities of a business. A business owner of a sole proprietorship or a general partner of a partnership has the obligation to cover the liabilities of the business in case the business runs out of money. By
What is Unit Elastic? Definition: Unit elastic is a business concept that means a change in price of an item produces a proportional change in the demand/supply quantity of the item. If the price of an item changes by a small margin, the quantity of the item will also change by a small margin and
What is an Unadjusted Trial Balance? Definition: An unadjusted trial balance is a representation of raw listings of all ledger accounts for a company in a given accounting period. The info in the unadjusted trial balance is raw because it lacks necessary adjustments. Of the nine main steps of the accounting cycle, preparation of the
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What is Year To Date (YTD)? Definition: In accounting, year to date (YTD) is the period between day one of a fiscal or calendar year and the current date. There is no specific measurement for the YTD period so any number of days can do. It could be one just one day since the start