An Accounting Information System Has Three Basic Components: Source Documents

question 118

True/False

An accounting information system has three basic components: source documents and input devices,processing and storage,and internal controls.

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Definitions:

Keynesian Motive

An economic theory proposed by John Maynard Keynes, suggesting that demand for goods and services is the driving force in an economy, particularly during times of economic downturn.

Inflation

The pace at which overall prices for products and services increase, diminishing the value of money as time passes.

Demand Deposit

A deposit in a commercial bank or other financial intermediary against which checks may be written.

NOW Account

A type of bank account that offers the benefits of a savings account with the convenience of a checking account, allowing for interest to be earned on deposited funds.