How Are Items Recorded on the Day Sheet (Daily Journal)

question 57

Multiple Choice

How are items recorded on the day sheet (daily journal) ?

• A) In the order that transactions occur.
• B) In alphabetic order by patient account.
• C) It depends on the procedure used by the office.
• D) By patient account number, lowest number first.

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Definitions:

MACRS

The Modified Accelerated Cost Recovery System, a method of depreciation for tax purposes allowing for faster recovery of assets' costs to stimulate investment.

Straight-Line Depreciation

An approach to spreading the expense of a tangible asset across its lifespan in uniform yearly sums.

Income Taxes

Taxes levied by governments on the income generated by businesses or individuals within their jurisdiction.

Changing Depreciation Methods

The process of altering the accounting method used to allocate the cost of a tangible asset over its useful life for financial reporting purposes.