What Does It Mean to Close the Day (Close Out

question 13

Multiple Choice

What does it mean to close the day (close out the day) ?

• A) The manual day sheet can be destroyed.
• B) All patients have been seen and staff can go home.
• C) The medical assistant has posted all charges and can begin to post insurance payments.
• D) No further accounts receivable charges, payments, or adjustments can be made using that date.

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Definitions:

U.S. Accounting Standards

The rules and guidelines set out by governing bodies, like the Financial Accounting Standards Board (FASB), for companies in the United States to follow in their financial reporting.

American Accounting Scandals

Major financial frauds and malpractices involving accounting methods that have occurred in the United States, leading to loss of investor trust and changes in regulations.

Canadian GAAP

Canadian GAAP refers to Generally Accepted Accounting Principles in Canada, which consist of guidelines and standards for financial reporting practices in Canada.

Private Enterprises

Businesses that are owned by private individuals or groups and not publicly traded on a stock exchange, often subject to different regulatory and reporting requirements than public companies.