Net—Less all charges or deductions. Gross assets less liabilities leaves net capital; gross income less all expenses leaves net profit; etc.
Nominal—Having no actual existence; exists in name only.
Obligation—Indebtedness.
Open Account—An account which has not been paid.
Opening Entries—The entries made in the books when it is desired to open the accounts of a business.
Option—The right to be the first purchaser; a privilege.
Orders—Requests for the shipment of goods.
Original Entry—The first record made of a charge or credit which becomes the basis of proof of the account.
Overdraw—To draw a check for a greater amount than the drawer has on deposit in a bank.
Par—Face value.