When the 2010 Patient Protection and Affordable Care Act Is

question 68

Multiple Choice

When the 2010 Patient Protection and Affordable Care Act is fully implemented, it will

• A) set the prices (reimbursement rates) for more than 7,000 different medical procedures.
• B) increase the supply of doctors and other medical services.
• C) increase the supply of doctors and other medical services
• D) reduce the share of health care expenses paid for by a third party, which will increase the incentive of both consumers and medical providers to economize.
• E) All of the above are true.

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Definitions:

General Ledger

A comprehensive set of accounts that provides a complete record of all financial transactions of a business, used to prepare financial statements.

Trial Balance

A report listing all accounts and their balances at a specific time, verifying that total debits equal total credits.

Journal Entry

A record of a business transaction in an accounting ledger that includes the accounts and amounts to be debited and credited.