The Standard Institutional Claim Submitted by Hospitals and Skilled Nursing

question 67

Multiple Choice

The standard institutional claim submitted by hospitals and skilled nursing facilities to payers to obtain reimbursement for health care services is called

• A) CMS-1450.
• B) CMS-1500.
• C) HCFA-1992.
• D) HCFA-1500.

Understand the accounting entries related to stock transactions, including the purchase of common stock by stockholders.

Differentiate between various types of accounts based on their normal credit balance and understand how transactions impact these accounts.

Analyze and record transactions related to payments (e.g., insurance, dividends), emphasizing the correct application of debit and credit rules.

Identify errors based on the balance of specific accounts and understand the impact of incorrect entries.

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Definitions:

Price Index

A measure that examines the weighted average of prices of a basket of consumer goods and services over a period of time.

Ending Inventory

The total value of all goods available for sale at the end of an accounting period.

Purchases

The total amount spent on goods and services bought by a business for either resale or use in its operation.

Cost-to-retail Ratio

The cost-to-retail ratio is a method used in inventory accounting to estimate the value of ending inventory using the ratio of cost to retail price.