There Are Four Closing Entries

question 22

Multiple Choice

There are four closing entries. The first one is to close revenues, the second one is to close expenses, the third one is to close ____, and the last one is to close the ____.

• A) Income Summary; dividends account
• B) Income Summary; common stock account
• C) Income Summary; assets
• D) dividends account; Income Summary

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Definitions:

Managed Care

A healthcare delivery system aimed at managing cost, quality, and utilization of services by implementing mechanisms such as provider networks and pre-authorization.

Clinical Outcomes

Refers to the measurable changes in health, function, or quality of life that result from healthcare interventions.

Financial Outcomes

The financial results or consequences of business activities, often measured by profits, losses, or return on investment.

Reimbursement

The process by which healthcare providers receive payment from insurers or patients for services rendered, essential for the operational and financial aspects of healthcare.