External Entities Are a Person,organization,or System That Is External to the System,but

question 69

True/False

External entities are a person,organization,or system that is external to the system,but interacts with it.

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Definitions:

Reporting Period

A reporting period is the span of time covered by a set of financial statements or reports, typically a quarter or a year.

Exchange Difference

The difference resulting from translating a certain amount of one currency into another at different exchange rates.

Remeasurement

The process of adjusting the carrying value of a financial instrument or asset to reflect its current value or changes in market conditions.

Cash Settlement

A method of settling a transaction or financial instrument in cash rather than the physical delivery of the asset.