Purchasing Groups Are ____

question 153

Multiple Choice

Purchasing groups are ____.

• A) several medical practices in the same building that use local vendors to qualify for quantity discounts.
• B) large, established companies that save a physician's office money.
• C) groups of physicians who order supplies together to obtain a quantity discount.
• D) another name for local vendors.
• E) groups of medical assistants that compete to find the best prices.

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Definitions:

Revenue

The total amount of money received by a company for goods sold or services provided during a certain time period.

Expense

is an outflow of cash or other valuable assets from a person or company to another entity, representing the cost of operations or services rendered.

Debit Columns

Sections in financial statements where increases in assets or expenses or decreases in liabilities, equity, or income are recorded.

Credit Columns

Sections in accounting ledgers or financial statements that record amounts which reduce the balance of an account.