Glossary of Terms
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- Objectivity:
- Impartiality and intellectual honesty.
- On-line processing:
- The form of data processing in which remote terminals are linked to a central processor, and files are updated virtually as transactions occur.
- Operating capacity:
- The upper limit of a company's productive output capability, given its existing resources.
- Operating expenses:
- Those expenses, other than the cost of goods sold, which are incurred in running a business.
- Other assets:
- All of the assets owned by a company other than current assets and property, plant, and equipment.
- Other revenues and expenses:
- The section of a classified income statement that includes non-operating revenues and expenses.
- Owner's equity:
- The claims by an owner against the assets of a business. Also called residual equity.
- Owner's investments:
- The assets that the owner puts into a business.
- Owner's withdrawals:
- The assets that the owner takes out of a business.