Examine the Following Sets of Terms and Select the Set

question 31

Multiple Choice

Examine the following sets of terms and select the set that contains the three basic elements of a system.

• A)inputs,throughputs,and transportation
• B)entropy,synergy,and interdependence
• C)environment,feedback,and outputs
• D)inputs,transformation,and outputs
• E)none of the above

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Definitions:

Operating Expense

Expenses incurred through normal business operations, such as rent, utilities, and payroll, exclusive of cost of goods sold.

Refund Liability

An obligation recorded by a business to return funds to a customer for returned or unsatisfactory goods or services.

Deferred Revenue

Income received in advance for products or services which is recorded as a liability until it is earned.

Sales Returns

Transactions where customers return previously purchased merchandise, leading to a reversal of revenue previously recognized.