Examlex
A good example of the open systems model in action is:
Credit Balance
The amount that a company or individual owes to creditors; in accounting, it indicates a balance on the right side of a ledger for liability, revenue, or equity accounts.
Closing Entries
Journal entries made at the end of an accounting period to transfer balances from temporary to permanent accounts.
Statement of Income
A financial report summarizing the revenues, expenses, and profits/losses of a company over a specified period, also known as an income statement.
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