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The point-of-service model attempts to locate a middle ground between the very restrictive HMO models and the fee-for-service structure that resulted in very high healthcare utilization and costs.
Closing Entry
Journal entries used to transfer temporary account balances to permanent accounts and to reset the balances of temporary accounts to zero at the end of each accounting period.
Revenue Accounts
Accounts used to record the income generated from a company’s core operating activities.
Expense Accounts
These are ledgers that track the costs incurred by a business during its operations, excluding the purchase of inventory.
Income Summary Account
A temporary ledger account used to transfer the balances of all revenue and expense accounts at the end of an accounting period to determine the net income or loss.
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