Audits Performed on a Regular Basis Will Confirm That Documentation

question 66

True/False

Audits performed on a regular basis will confirm that documentation and coding were appropriate for the level of service provided or will identify problems.

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Definitions:

Corporation

A legal entity separate from its owners, with rights to own assets, incur liabilities, and sell stock, subject to corporate taxes.

Closing Entries

At the close of an accounting period, records are made to move balances from interim accounts to enduring accounts.

Accounting Cycle

The sequence of steps followed in the accounting process to track and report financial transactions, from the initial transaction to the financial statements.

Financial Statements

Formal records of the financial activities and position of a business, person, or other entity, typically including a balance sheet, income statement, and cash flow statement.