Externalities Are Side Effects or By-Products of Actions That Are

question 36

True/False

Externalities are side effects or by-products of actions that are not included in standard cost accounting systems.

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Definitions:

Reconciliation

A comparison of the office’s financial records with bank records to ensure that they are consistent and accurate; usually done when the monthly checking account statement is received from the bank.

Daily Log

A record kept every day to track events, tasks, or progress in various contexts, such as personal health, project management, or workplace activities.

Patient Charges

The financial costs assigned to medical treatments, services, or procedures that a patient has received or will receive.

Payments Received

The act of receiving money as an exchange for goods or services.