Which of the Following Is Not a Requirement of the Clinical

question 44

Multiple Choice

Which of the following is not a requirement of the Clinical Laboratory Improvement Act (CLIA) ?

• A) Obtain certification.
• B) Follow minimum regulations regarding quality control.
• C) Follow maximum quality standards for lab testing.
• D) Pay applicable fees.
• E) Follow regulations regarding test controls.

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Definitions:

LIFO Inventory Cost Method

An inventory valuation method that assumes the last items placed in inventory are the first sold during an accounting period; stands for Last-In, First-Out.

Recent Costs

refer to the latest expenses incurred by a company, highlighting the most up-to-date financial outlays for operations or projects.

Current Revenues

Earnings generated from the normal operations of a company within a specific time period.

Lower-of-cost-or-market

An accounting principle that valuables inventory at the lower of its historical cost or the current market price, ensuring assets are not overstated.