Final answer:
The statement is true as accounts receivable in an open-item system includes current and past-due balances, alongside finance charges and payments of a customer's account, reflecting in the company's balance sheet.
Step-by-step explanation:
The statement is true: In an open-item system, accounts receivable records indeed consist of a customer's current balance due, past-due balance, as well as finance charges and payments related to the account. This system is crucial for businesses as it helps in tracking the amount of money that customers owe the company. Understanding the details of an open-item system is part of a larger subject related to the balance sheet, which is an accounting tool that lists assets and liabilities, highlighting the financial health and credit management of a business.