A Patient Is Called About an NSF Check

question 8

Multiple Choice

A patient is called about an NSF check.He states he is very sorry and asks what he can do.Which of the following types of checks would the medical assistant ask him to bring to the office as a guaranteed payment for the returned check?

• A)Cashier's
• B)Certified  
• C)Voucher
• D)Traveler's

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Definitions:

LIFO

Last-In, First-Out, an inventory valuation method where the most recently produced or acquired items are the first to be expensed.

Average Cost

A calculation that divides the total cost of goods available for sale by the total units available for sale, offering a way to determine the cost of an item's inventory.

First-In, First-Out

An inventory valuation method where the oldest inventory items are recorded as sold first, used in both accounting and inventory management.

Last-In, First-Out

An inventory valuation method where the most recently produced items are the first to be expensed, often used in industries where inventory items are indistinguishable.