The function of accounting can be regarded as a closed system? Is this statement :

Question

Quizplus · Accepted Answer

The function of accounting cannot be regarded as a closed system. Accounting is an open system that interacts with its environment. It involves the process of identifying, measuring, and communicating economic information to permit informed judgments and decisions by users of the information. It is influenced by changes in regulatory laws, economic conditions, and market fluctuations. Therefore, it cannot be considered a closed system.

The Function of Accounting Can Be Regarded as a Closed