The Listing or Report Generated from Sales Which Includes the Customer

question 31

Multiple Choice

The listing or report generated from sales which includes the customer name, date, sales, and GST amount, and whether the sale was for cash or accounts receivable, for all sales in a period is the:

• A) remittance advice.
• B) sales journal or listing.
• C) accounts receivable master file.
• D) monthly statement.

Grasp the significance of practice management (PM) software in generating billing statements.

Explain the procedures and implications of adjustments made to patient accounts.

Distinguish between different types of billing adjustments and their definitions.

Appreciate the need for timely and accurate billing to maintain financial health of medical practices.

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Definitions:

Float

The time difference between writing a check and the actual withdrawal of funds from the bank account, or in securities trading, it's the number of shares available for trading by the general public.

Fair Value

An estimate of the price at which an asset or liability could be exchanged between knowledgeable, willing parties in an arm's length transaction.

Exit Price

The amount one would earn from selling an asset or the cost to transfer a liability during a well-organized sale between parties in the market.

Forced Sale

A sale carried out under conditions where the seller is under pressure to dispose of an asset, often resulting in a lower sale price than under normal circumstances.