A Business Operation of a Medical Practice in Which Two

question 18

Multiple Choice

A business operation of a medical practice in which two or more physicians are responsible for the actions of each,including debts,is called a/an

• A)associate practice.
• B)solo practice.
• C)partnership.
• D)group practice.

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Definitions:

Par Value

The nominal or face value of a bond, share of stock, or coupon as stated by the issuer.

Inventories

Assets held for sale in the ordinary course of business, or in the process of production for such sale, or in the form of materials or supplies to be consumed in the production process or in the rendering of services.

Net Realizable Value

Net realizable value is the estimated selling price of goods minus the costs of their completion and disposal, used to assess inventory valuation.

Lower of Cost

An accounting principle requiring that inventory is recorded at the lower of its original cost or current market value.