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Kaplan’s exam tips for Dec 2013 for the F5 exam says “open and closed systems”. I have never encountered anything like this in my F5 studies nor is there any sort of thing like this in my Emile Woolf study text. Does OT notes have it? And what topic does it fall under?
Thanks,
Gabriel
It comes under information for management.
If it does come up in the exam it will only be a small part of a question (and only writing – not calculations).
An open system is one that interacts with the environment (the outside world), whereas a closed system is one that does not interact with the environment.
So….a management accounting system does need to interact, because it needs to change as the ‘world’ changes.
However a manufacturing process perhaps does not need to change – it is always the same – and so it would be a closed system.
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