Medical Office Procedures: Chapter 9 Test with Quizzes and 100% Correct Answers
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Course
Medical Office Management
Institution
Medical Office Management
Absolute Accuracy - Answer Correctness that is 100 percent; correctness without error,
required for handling financial transactions.
Accountable payable (A/P) - Answer The unpaid amounts of money owed by the
practice to creditors and/or suppliers.
Accounting - Answer A system used to classify, ...
Medical Office Procedures: Chapter 9 Test
with Quizzes and 100% Correct Answers
Absolute Accuracy - Answer Correctness that is 100 percent; correctness without error,
required for handling financial transactions.
Accountable payable (A/P) - Answer The unpaid amounts of money owed by the
practice to creditors and/or suppliers.
Accounting - Answer A system used to classify, record, and summarize financial
transactions.
Accounts receivable (A/R) - Answer The unpaid amounts of money owed to the medical
practice by patients and third-party payers.
Accrual method - Answer The accounting method whereby income is recorded as soon
as it is earned, whether or not payment is received; expenses are recorded when they
are incurred.
Aging reports - Answer Reports that show the passage of time between the issuing of a
request for payment (invoice) and the receipt of payment; used to determine late
payments and collect them.
Annual Summary - Answer A report providing the monthly charges and payments for an
entire year.
Audit - Answer A review of all financial data by an independent party outside the
practice-the IRS or an accountant-to ensure the accuracy and completeness of all
financial transactions.
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