What was done to conceal the fraud: The perpetrator hid bad debt by having customers sign promissory notes, moving the account receivable to a note receivable; changing the date on invoices to adjust the account age; using placeholder credits to make it look as if payments had been made on accounts when they actually had not; and using unapplied cash to credit customer account balances.
What does U/C stand for?
U/C stands for Unapplied Cash
This definition appears rarely and is found in the following Acronym Finder categories:
- Business, finance, etc.
See other definitions of U/C
We have 26 other meanings of U/C in our Acronym Attic
- Undergraduate Student Training in Academic Research
- Uplink Time Difference of Arrival (mobile phone location technology)
- User to User
- Upper Hatch Undogged Time Delay
- Upper Hatch Unlatched Auxiliary
- Upper Hatch Unlatched Time Delay
- Ut Pictura Poesis (Latin: Painting as Poetry)
- Under Agreement (legal)
Samples in periodicals archive:
He used unapplied cash to cover receivable balances, applied current payments to old balances, accelerated credits from unsigned contracts, and delayed credits from signed contracts.
Also, the backlog of unapplied cash dropped from 8 percent of open-billed receivables to 0.