In Accruing Patient Charges for the Current Month, Which One

question 50

Multiple Choice

In accruing patient charges for the current month, which one of the following accounts should a hospital credit?

• A) Accounts Payable.
• B) Deferred Revenue.
• C) Public Support Revenue.
• D) Patient Service Revenues.
• E) Accounts Receivable.

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Definitions:

Balance Sheet

A balance sheet is a financial statement that summarizes a company's assets, liabilities, and shareholders' equity at a specific point in time.

Income Statement

A financial statement that reports a company's revenues and expenses over a specific period, resulting in a net profit or loss.

Asset Section

The asset section is part of a balance sheet that lists all assets owned by a company, including current, fixed, and intangible assets.

Utility Expense

Costs incurred for services such as electricity, gas, water, and sewer, which are necessary for operating a business.