Discuss What an Entity Is in Terms of Systems Documentation

question 2

Essay

Discuss what an entity is in terms of systems documentation and what the distinction of internal and external entity is dependent on.

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Definitions:

Required Rate Of Return

The minimum return an investor expects to achieve from an investment, given its risk level.

Responsibility Accounting

An accounting system that collects and reports planned and actual accounting information about the inputs and outputs of responsible parties.

Manager Control

The processes and procedures implemented by management to ensure that the organization's goals and objectives are achieved efficiently.

Turnover

The rate at which inventory is sold or employees are replaced within a business or organization.