An Open System Has Three Parts Input,process,and Output

question 2

True/False

An open system has three parts input,process,and output.

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Definitions:

Journal Entry

A single record that reflects the debit and credit effects of a financial transaction in the accounting system.

Coupon Rate

The yearly interest yield on a bond, shown as a percent of the bond's nominal value.

Effective-Interest Method

An accounting method to amortize the discount or premium on bonds payable or receivable over the bond's life, reflecting a constant rate of interest.

Market Rate

The current price or interest rate at which a good, service, or financial asset can be bought or sold in a competitive market.