Glossary > Glossary > O

You can follow the links below to browse all of the articles, or use the search box at the right-hand side of each page. If you want to discuss problems or ask questions about our software, please use our discussion boards.

O

Off-farm Income (net): Employment, investment or business income earned outside of the farm operation less all deductions from source including income taxes, CPP and EI premiums. This amount does not include capital gains reported on the tax return.


Operating expenses: Gross expenses less term interest, depreciation, land rent and property taxes.

 

Operating Expenses (AGRIBEX): Usually contains expenses directly related to selling and promoting business products or services.

 

Operating loan/ Line of credit: Cash advance to a business to pay for operating costs. This loan usually provides for repayment within one year or the normal operating cycle.


Optional Inventory Adjustment: An adjustment usually made to expenses or net farm income for tax purposes. These adjustments do not reflect actual values of inventory on hand and should not be included in net income calculations for analysis purposes.


Other Income: All income not included in revenue, gain on disposal or extraordinary income.

 

Last updated on February 17, 2015 by FCC AgExpert