Match Each Term with Its Definition

question 30

Multiple Choice

Match each term with its definition.
-These must be accurate in every detail for proper patient billing

• A)patient account statements
• B)outsourcing
• C)monthly billing
• D)cycle billing
• E)practice management software (PMS) system
• F)electronic medical record (EMR) system
• G)account history
• H)deleted transactions
• I)patient payments
• J)aging of accounts

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Definitions:

Fixed Overhead

Regular, static expenses that do not change with the level of production or sales, including rent, salaries, and insurance.

Net Income

The profit of a company after all expenses and taxes have been deducted from revenue.

Inventory

The goods and materials that a business holds for the ultimate goal of resale or processing.

Absorption Costing

An approach to calculating costs that encompasses all expenses related to production, including direct materials, direct labor, and all manufacturing overheads, whether they are variable or fixed, within a product's cost.