The Future of Managed Care Is Clear-Cut;it Is Predicted That

question 21

True/False

The future of managed care is clear-cut;it is predicted that it will totally eliminate traditional healthcare in 10 years.

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Definitions:

Journalize Closing Entries

The process of recording year-end closing entries in the journal to prepare the accounts for the next fiscal period.

Adjusting Entries

Entries made in the accounting records at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.

Post-Closing Trial Balance

A listing of all company account balances after end-of-period adjustments and closing entries have been made, used to check the balance of debits and credits.

Adjusted Trial Balance

A listing of all company accounts that will appear on the financial statements after adjustments have been made for errors, accruals, and deferrals.