Which of the Following Is an Example of a Closed

question 78

Multiple Choice

Which of the following is an example of a closed system?

• A) an isolated ranch in Alberta
• B) a company's highly secure accounting system
• C) the Metropolitan Museum of Art
• D) Canada Post

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Definitions:

Wages Payable

A liability account that records the amount of wages earned by employees but not yet paid by the company.

Unearned Rent

Income received by a landlord for rent that has been paid in advance, but which covers a period that has not yet occurred, and is recorded as a liability.

Net Income

The total profit of a company after all expenses are deducted from revenues, also known as the bottom line.

Understated

Described or represented as less than is actually the case; downplayed in expression or estimation.