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open transaction: A transaction that is not completed at the end of the accounting period; a purchase that has not yet been paid for or a sale where payment is yet to be collected when the accounting period ends.

operating activities: Transactions and events that enter into the determination of net income.

operating assets: Long-term, or noncurrent, assets acquired for use in the business rather than for resale; includes property, plant, and equipment; intangible assets; and natural resources.

operating lease: A simple rental agreement.

operating leverage: The extent to which fixed costs are part of a company's cost structure; the higher the proportion of fixed costs, the faster income increases or decreases with sales volumes.

operating performance ratio: An overall measure of the efficiency of operations during a period; computed by dividing net income by net sales.

organizational structure: Lines of authority and responsibility.

other revenues and expenses: Items incurred or earned from activities that are outside, or peripheral to, the normal operations of a firm.

outstanding stock: Issued stock that is still being held by investors.

owners' equity (net assets): The ownership interest in the assets of an entity; equal total assets minus total liabilities.  

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