Tracy Works in the Billing and Coding Department of a Busy

question 27

Multiple Choice

Tracy works in the billing and coding department of a busy outpatient clinic. She receives a phone call from an irate patient who claims he was overcharged by $246.73 for a recent procedure. Tracy could not immediately find the patient's record, so she followed the problem-solving steps and implemented what she considered to be the best solution: tell the patient that she would look into it and call the patient back. The patient becomes even angrier, saying that he "will not stand for being put off like that." What should Tracy do now?

• A) Tell the patient she cannot help him and hang up the phone.
• B) Place the patient on hold for 30 minutes while she looks up the records.
• C) Repeat the steps of the problem-solving process to find another solution.
• D) Report to her supervisor that a patient is verbally abusing her.
• E) Tell the patient she will adjust his account because "the patient is always right."

Identify and categorize different types of liabilities, such as known obligations, estimated liabilities, and contingencies.

Record and report long-term liabilities and their division between current and noncurrent sections on the balance sheet.

Understand the procedures for estimating liabilities and making necessary journal entries for estimated liabilities.

Comprehend payroll accounting, including calculating payroll taxes expense and net pay.

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Definitions:

Minority Angel Funding

Investments made by angel investors who are part of a minority group, or investments made in startups led by individuals from minority groups.

Women Angel Groups

Investment collectives comprised solely or predominantly of women, focusing on providing capital to start-up companies led by female entrepreneurs.

Venture Capital

Financing that investors provide to startup companies and small businesses with long-term growth potential.

Accredited Investors

Investors who earn an annual income of more than $200,000 or have a net worth of more than $1 million.