Dictionary

O

objectivity principle: A generally accepted accounting principle which states that all recorded financial information is based upon objective and verifiable data.
offer: A proposal to do or refrain from doing some specified thing usually followed by an expected acceptance, counter-offer, return promise or act. The person who makes the offer is called the offeror. The recipient of the offer is called the offeree.
offering memorandum: A condensed version of a prospectus.
open listing: A listing given to any number of licensees without liability to compensate any except the licensee who first acquires a buyer ready, willing and able to meet the terms of the listing; the sale of the property automatically terminates the listing.
operating expenses: Those costs which have to be incurred to keep any business going, including the business of renting real property. See also Fixed Expenses and Variable Expenses.
option to purchase: A right conferred by a contract to accept or reject an offer to buy property within a certain time.
outstanding balance: The amount owing to the lender at any specified time, whether it is to be repaid over an amortization period or in a lump sum at the end of the term.
owners' equity: A classification on the balance sheet. Equal to Total Assets less Total Liabilities.