It is important for any business to have correct books of accounts that reflect a true and fair view of their financial position. There is much that goes into preparing the books of account. Take up quiz below and test your basic accounting knowledge and the terminologies used. All the best!
money owed to an organization by vendors
money due to the organization from patients and third parties for services already rendered
Money an organization is set to receive from investments
the financial account in which all monies coming into the organization are placed
The cost of services
The method of payment for services
The utilization of services
(a) and (b)
The medical record
The medical claim form
The fee schedule
None of the above
For billing and collecting during the organization's average payment cycle
when patients do not pay on time
when it extends credit to patients after providing services
due to excess funds in accounts receivable
due to excess funds in accounts receivable
for billing and collecting during the organization's average payment cycle
when patients do not pay on time
When it extends credit to patients after providing services
When patients do not pay on time
when it extends credit to patients after providing services
due to excess funds in accounts receivable
Billing and collecting during the organization's average payment cycle
Ensure that payments for services are received from third parties
maintain strict control over an organization's cash flows
ensure that patients and third parties pay claims
reduce the collection period
It gives employees direction through policies and procedures.
It reduces the risk of losing assets through errors.
(a) and (b)
None of the above
that an organization is using the right coding resources
that the HIM department is conducting periodic training for all coders
Continuous development and revision of coding policies
all of the above
Uses its receivables as collateral for a loan
Converge
sells its receivables to a bank or other agency at a discount
Diverge
Promises to use its outstanding accounts receivable for charitable purposes
invests its accounts receivable in the expansion of the organization
consideration of alternative payment options
Converge
assistance in setting up a credit card to pay their bills
Diverge
Information about the organization's credit and collections policies
Investigation of patients’ credit histories to determine to what extent patients can pay their bills
Charity care, bad debt, and self-pay
Billing procedures
(a) and (b)
Llection agency policies
Hospital policy does not allow money to the collected at the time of service.
Collection of money at the time of service may be considered poor public relations.
The total amount of money owed may not be known at the time of service.
All of the above
payers mail payments directly to a bank, which deposits the money
payments are wired directly to a bank
The organization stores payments in a locked box until they are sent to a bank for deposit
payments are directly deposited into an organization’s secure account
using excess accounts receivable funds for community benefit
Converting outstanding accounts receivable into cash for short-term obligations
Converting outstanding accounts receivable into cash for long-term investments
Using excess accounts receivable funds for investment in capital equipment
itemizes the portion of its outstanding accounts receivable that will be used for short-term investments
Es its receivables as collateral for a loan
sells its receivables to a bank or other agency at a discount
considers factors outside the organization that may affect its accounts receivable
Truth in Lending Act
Fair Credit Reporting Act
(a) and (b)
Fair Debt Collection Practices Act
Truth in Lending Act
Fair Credit Reporting Act
(a) and (b)
Fair Debt Collection Practices Act
Establishes disclosure rules for sales involving consumer credit
Applies only if an organization contracts with a collection agency
governs the use of credit reports
Establishes provisions for reporting individuals’ credit in good f
governs the use of credit reports
Establishes disclosure rules for sales involving consumer credit
Plies only if an organization contracts with a collection agency
establishes provisions for lending funds in good faith to organizations
the average amount of time an organization takes to collect a bill
average number of days that pass before a bill is sent to a collection agency
The number of days an organization is permitted to seek payment for services from patients or third parties
none of the above
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