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:

Future Goods

Futures goods are items that are to be manufactured, produced, or acquired by the seller after the sale has been made.

Present Sale

A transaction in which the transfer of ownership of goods from the seller to the buyer occurs immediately or within a very short period following the agreement.

Subject

In various contexts, it refers to an individual or entity being discussed, analyzed, or governed.

Lease

A contractual agreement in which a property owner allows a tenant the use of the property for a specified period of time in exchange for payment.