Test Your Basic Accounting Knowledge Quiz

It gives employees direction through policies and procedures.    

It reduces the risk of losing assets through errors.    

(a) and (b)    

None of the above

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)    

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    

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

The medical record    

The medical claim form    

The fee schedule    

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    

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

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

Truth in Lending Act    

Fair Credit Reporting Act    

(a) and (b)    

Fair Debt Collection Practices Act    

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

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    

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

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    

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    

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

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    

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