Which of the Following Statements Is True of an Open

question 17

Multiple Choice

Which of the following statements is true of an open system?

• A) There is an exchange of energy only with the surroundings
• B) There is an exchange of matter only with the surroundings
• C) There is an exchange of both matter and energy with the surroundings
• D) In an open system either matter or energy, but not both may be exchanged with the surroundings
• E) Energy flows only into the system: matter flows out of the system

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Definitions:

Form 10K

A comprehensive summary report of a company's performance that must be submitted annually to the Securities and Exchange Commission.

Operating Segments

Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance.

GAAP

Generally Accepted Accounting Principles, a common set of accounting principles, standards, and procedures that companies must follow when they compile their financial statements.

Segment Assets

Assets that are allocated to a company's operational segments or divisions for the purpose of financial reporting.