The inner nucleus of successful leaders all over the world is made up of certain universal virtues, qualities or attributes which enable them to provide effective leadership. It sums up the traits of leadership which include, vision, dynamism, team building, leadership and of course personal visible integrity.

Cost of movement of the unit of the commodity from the origin to the destination. It includes costs of warehousing, packaging, handling, freight and financing cost of distribution.

An undertaking formed for investing in securities under the terms of a trust deed. The trust secures funds from the public through the sale of its “unit” and invests the funds for optimum risk-cum return to the unit-holders.

Registering the price per unit (i.e. per gm, or per kg) of a m0erchandise in its packages. Pricing on any unit-based service such as passenger-km or tonne-km.

A method of calculating depreciation on the basis of units of output or service where physical wear and tear plays an important role on the usefulness of an asset, designed for a certain volume of output of units.

A system of costing where the cost of a unit is calculated by dividing the total cost by the number of units produced. The process involves homogeneous units, maybe undergoing different operations, wastage or loss in each successive operation being taken care of in the total cost comptutation.

A business entity often an individual/plant or factory of a multi-unit, multi-location company.

Unissued capital stock represents that part of the authorized capital that is not offered for subscription.

A place of business where the employer by agreement with the union hires non-union personnel also but cannot retain them beyond a specific period. The process is informal with no binding of any industrial regulations or obligations.

Any risk not generally covered by insurance. A risk to which no probability can be assigned – a pure uncertainly is uninsurable.

The adoption of same costing principles and methods by different factories within the same company or by different companies within the same industry.

A common system of accounting chosen by different concerns of the same industry by opting for agreed concepts, principles and accounting practices, so that they all present the accounting information in the same way with a view to make interfirm comparison easy. There is a move of the corporate sector to adopt increasingly international standard accounting practices.

Illegal activities resorted to by an employer. Practices that amount to exploitation of labour by avoiding or circumventing legal provisions for rights, safety and protection of workmen.

Any expenditure that would yield benefit in the future. Applies to that part of a lumpsum expenditure of which the benefit stream is still continuing.

Benefits provided by the state to an unemployed person who is out of job despite his willingness to work.

Want of employment for a job seeker. Does not refer to voluntary renunciation of work.

Revenue collected or recorded before it is actually earned. Also revenue which arises as a windfall, not related to the normal business of the organization.

Unearned income is the income that has been received but is yet to be earned. It is therefore a current liability. Also income obtained from external sources or as windfall for which no efforts have been made and achieved outside of business operations.

The profit of a partnership, trust, syndicate, joint venture or a joint stock company that is retained in the business and not divided among the concerned parties. Such undistributed profit is known as plough back to strengthen internal funding.

The court of justice may declare a person bankrupt, who is not in a position to discharge his debt. He continues to be an undischarged bankrupt till he moves to court to have the verdict annulled.