The First Thing That Should Be Done When an NSF

question 57

Multiple Choice

The first thing that should be done when an NSF check is received at the physician's office is to

• A) add the check back to the patient's statement balance.
• B) call the patient to let the person know that the check was returned.
• C) send a certified letter to the patient to demand payment for the check.
• D) add the NSF fee to the patient's statement balance.

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Definitions:

Accounts Receivable

Debts owed by customers to a business for products or services provided but not yet compensated for.

Accounts Payable

The amount of money that a company owes to its creditors for goods or services that it has received but not yet paid for.

Marginal Tax Rate

The rate at which an additional dollar of income would be taxed, representing the individual's tax bracket.

Depreciation Life

The period over which a fixed asset is expected to depreciate until it reaches its salvage value.